<SEC-DOCUMENT>0001292814-12-001145.txt : 20120430
<SEC-HEADER>0001292814-12-001145.hdr.sgml : 20120430
<ACCEPTANCE-DATETIME>20120427201131
ACCESSION NUMBER:		0001292814-12-001145
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120430
DATE AS OF CHANGE:		20120427

FILER:

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

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		12791537

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>sidform20f_2011.htm
<DESCRIPTION>FORM 20F 2011
<TEXT>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As filed with the Securities and Exchange Commission on April 27</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, 2012</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman">UNITED STATES</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Washington, D.C. 20549</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face="Times New Roman">FORM&nbsp;20-F</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 3pt"><FONT style="FONT-SIZE: 10pt" face=webdings>1</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">REGISTRATION STATEMENT&nbsp;PURSUANT TO SECTION&nbsp;12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">OR</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the fiscal year ended December&nbsp;31, 2011</FONT></P>
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<P style="MARGIN: 0cm 0cm 3pt"><FONT style="FONT-SIZE: 10pt" face=webdings>1</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman">OR</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=webdings>1</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">SHELL COMPANY REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Commission File Number&nbsp;1-14732</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 8pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><BR>
</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Exact Name of Registrant as Specified in its Charter)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NATIONAL STEEL COMPANY</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><BR>
</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Translation of Registrant&#8217;s name into English)</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">THE FEDERATIVE REPUBLIC OF BRAZIL</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><BR>
</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Jurisdiction of incorporation or organization)</FONT></P>
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<P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">David Moise Salama, Investor Relations Executive </FONT>Officer<BR>
</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Phone:&nbsp; +55 11 3049-7100&nbsp;&nbsp; Fax:&nbsp; +55 11 3049-7212</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">invrel@csn.com.br<BR>
</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Av.&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">Brigadeiro Faria Lima, 3,400 &#8211; 20<SUP>th</SUP> floor<BR>
04538-132, S&#227;o Paulo-SP, Brazil</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Address of principal executive offices)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act.</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Name of each exchange on which registered</FONT></U></B></P>
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<P style="MARGIN: 0cm 0cm 0pt 45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Common Shares without par value</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt 48.6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">New York Stock Exchange*</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt 45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">American Depositary Shares, (as evidenced by American Depositary Receipts), each representing one share of Common Stock</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt 48.6pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">New York Stock Exchange</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">____________________</FONT></P>
<P style="TEXT-INDENT: -9.35pt; MARGIN: 0cm 0cm 4pt 18pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">*&nbsp; Not for trading purposes, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.</FONT></P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 4pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act:</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">None</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act:</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">None</FONT></P>
<P style="MARGIN: 0cm 0cm 6pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the period covered by the annual report:</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1,457,970,108. For further information, see &#8220;Item&nbsp;7A.&nbsp; Major Shareholders,&#8221;&nbsp; &#8220;Item&nbsp;9A. Offer and Listing Details&#8221; and &#8220;Item&nbsp;10B. Memorandum and Articles of Association.&#8221;</FONT></P>
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<P style="MARGIN: 0cm 0cm 6pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&nbsp;405 of the Securities Act.</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="wingdings 2">R</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; Yes&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; No</FONT></B></P>
<P style="MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934.</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; Yes&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="wingdings 2">R</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; No</FONT></B></P>
<P style="MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90&nbsp;days.</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="wingdings 2">R</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; Yes&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; No</FONT></B></P>
<P style="TEXT-INDENT: 0.9pt; MARGIN: 0cm 9pt 5pt 0cm"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to submit and post such files).</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="wingdings 2">R</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; Yes&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; No</FONT></B></P>
<P style="MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.&nbsp; See definition of &#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act.&nbsp; (Check one):</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Large Accelerated Filer&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="wingdings 2">R</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated Filer&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated Filer&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1&nbsp;</FONT></B></P>
<P style="MARGIN: 0cm 0cm 6pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">U.S. GAAP </FONT></B><B><FONT style="FONT-SIZE: 10pt" face=webdings>1&nbsp;</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">International Financial Reporting Standards as issued by the International Accounting Standards Board </FONT></B><B><FONT style="FONT-SIZE: 10pt" face="wingdings 2">R&nbsp;</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Other </FONT></B><B><FONT style="FONT-SIZE: 10pt" face=webdings>1&nbsp;</FONT></B></P>
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<P style="MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 17&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Item 18&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></B></P>
<P style="MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; Yes&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="wingdings 2">R</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; No</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">TABLE OF CONTENTS</FONT></B></P>

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   <P>&nbsp;</P></TD>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Introduction</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1</FONT></P></A></TD></TR>

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   <A href="#page_6">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Forward-Looking Statements</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2</FONT></P></A></TD></TR>

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   <A href="#page_7">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Presentation of Financial and Other Information</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
   <A href="#page_7">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1. Identity of Directors, Senior Management and Advisors</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
   <A href="#page_7">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2. Offer Statistics and Expected Timetable</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
   <A href="#page_7">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3. Key Information</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3</FONT></P></A></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_7">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3A.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
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   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Selected Financial Data</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3</FONT></P></A></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_10">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3B.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_10">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Capitalization and Indebtedness</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6</FONT></P></A></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_10">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3C.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_10">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Reasons for the Offer and Use of Proceeds</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6</FONT></P></A></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT>&nbsp;</FONT></TD>

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   <A href="#page_10">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3D.</FONT></P></A></TD>

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   <A href="#page_10">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Risk Factors</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_10">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6</FONT></P></A></TD></TR>

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   <A href="#page_19">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
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   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4. Information on the Company</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">15</FONT></P></A></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_19">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4A.</FONT></P></A></TD>

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   <A href="#page_19">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">History and Development of the Company</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">15</FONT></P></A></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_21">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4B.</FONT></P></A></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Business Overview</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">17</FONT></P></A></TD></TR>

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   <A href="#page_57">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4C.</FONT></P></A></TD>

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   <A href="#page_57">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Organizational Structure</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">53</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_57">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4D.</FONT></P></A></TD>

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   <A href="#page_57">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Property, Plant and Equipment</FONT></P></A></TD>

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   <A href="#page_57">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">53</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_63">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
   <A href="#page_63">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4A. Unresolved Staff Comments</FONT></P></A></TD>

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   <A href="#page_63">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">59</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_63">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
   <A href="#page_63">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5. Operating and Financial Review and Prospects</FONT></P></A></TD>

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   <A href="#page_63">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">59</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_63">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5A.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_63">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating Results</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_63">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">59</FONT></P></A></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_87">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5B.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_87">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Liquidity and Capital Resources</FONT></P></A></TD>

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   <A href="#page_87">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">83</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_90">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5C.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_90">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Research &amp; Development and Innovation</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_90">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">86</FONT></P></A></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_91">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5D.</FONT></P></A></TD>

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   <A href="#page_91">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Trend Information</FONT></P></A></TD>

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   <A href="#page_91">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">87</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_93">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5E.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_93">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Off-Balance Sheet Arrangements</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_93">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">89</FONT></P></A></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_96">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5F.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_96">

   <P style="MARGIN: 0cm 0cm 0pt 1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tabular Disclosure of Contractual Obligations</FONT></P></A></TD>

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   <A href="#page_96">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">92</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_97">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5G.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_97">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Safe Harbor</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_97">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">93</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_97">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
   <A href="#page_97">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6. Directors, Senior Management and Employees</FONT></P></A></TD>

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   <A href="#page_97">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">93</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_97">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6A.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_97">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Directors and Senior Management</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_97">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">93</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_100">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6B.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_100">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Compensation</FONT></P></A></TD>

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   <A href="#page_100">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">96</FONT></P></A></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_100">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6C.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_100">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Board Practices</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_100">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">96</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_100">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6D.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_100">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Employees</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_100">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">96</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_101">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6E.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_101">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Share Ownership</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_101">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">97</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_101">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
   <A href="#page_101">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7. Major Shareholders and Related Party Transactions</FONT></P></A></TD>

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   <A href="#page_101">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">97</FONT></P></A></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_101">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7A.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_101">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Major Shareholders</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_101">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">97</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_101">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7B.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_101">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Related Party Transactions</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_101">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">97</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_101">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
   <A href="#page_101">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">8. Financial Information</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_101">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">97</FONT></P></A></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_101">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">8A.</FONT></P></A></TD>

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   <A href="#page_101">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Consolidated Statements and Other Financial Information</FONT></P></A></TD>

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   <A href="#page_101">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">97</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_106">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">8B.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_106">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Significant Changes</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_106">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">102</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_106">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
   <A href="#page_106">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9. The Offer and Listing</FONT></P></A></TD>

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   <A href="#page_106">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">102</FONT></P></A></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_106">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9A.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_106">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Offer and Listing Details</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_106">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">102</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_107">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9B.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_107">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Plan of Distribution</FONT></P></A></TD>

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   <A href="#page_107">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">103</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT>&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_107">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9C.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_107">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Markets</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_107">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">103</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_109">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9D.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_109">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Selling Shareholders</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_109">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">105</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_110">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9E.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_110">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Dilution</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_110">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">106</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_110">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9F.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="73%" colSpan=2>
   <A href="#page_110">

   <P style="MARGIN: 0cm 0cm 0pt 1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Expenses of the Issue</FONT></P></A></TD>

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   <A href="#page_110">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">106</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">
   <A href="#page_110">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
   <A href="#page_110">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10. Additional Information</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_110">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">106</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="7%" colSpan=2>
   <A href="#page_110">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10A.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="70%">
   <A href="#page_110">

   <P style="MARGIN: 0cm 0cm 0pt 4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Share Capital</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_110">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">106</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="7%" colSpan=2>
   <A href="#page_110">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10B.</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="70%">
   <A href="#page_110">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Memorandum and Articles of Association</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
   <A href="#page_110">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">106</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="7%" colSpan=2>
   <A href="#page_113">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10C.</FONT></P></A></TD>

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   <A href="#page_113">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Material Contracts</FONT></P></A></TD>

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   <A href="#page_113">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">109</FONT></P></A></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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   <A href="#page_113">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10D.</FONT></P></A></TD>

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   <A href="#page_113">

   <P style="MARGIN: 0cm 0cm 0pt 4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exchange Controls</FONT></P></A></TD>

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   <A href="#page_113">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">109</FONT></P></A></TD></TR>

<TR>

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   <A href="#page_114">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10E.</FONT></P></A></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Taxation</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">110</FONT></P></A></TD></TR>

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   <A href="#page_122">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10F.</FONT></P></A></TD>

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   <A href="#page_122">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Dividends and Paying Agents</FONT></P></A></TD>

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   <A href="#page_122">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">118</FONT></P></A></TD></TR>

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   <A href="#page_122">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10G.</FONT></P></A></TD>

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   <A href="#page_122">

   <P style="MARGIN: 0cm 0cm 0pt 4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Statement by Experts</FONT></P></A></TD>

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   <A href="#page_122">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">118</FONT></P></A></TD></TR>

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   <A href="#page_122">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10H.</FONT></P></A></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Documents on Display</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">118</FONT></P></A></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

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



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

<A name="page_4"></A>

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

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<a name="_bclHeader4"></a><DIV>

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



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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   <A href="#page_122">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10I.</FONT></P></A></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P></TD>

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   <A href="#page_122">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Subsidiary Information</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">118</FONT></P></A></TD></TR>

<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

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   <A href="#page_122">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">11. Quantitative and Qualitative Disclosures About Market Risk</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">118</FONT></P></A></TD></TR>

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   <A href="#page_129">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

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   <A href="#page_129">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12. Description of Securities Other Than Equity Securities</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">125</FONT></P></A></TD></TR>

<TR>

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   <A href="#page_129">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
   <A href="#page_129">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13. Defaults, Dividend Arrearages and Delinquencies</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="15%">
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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">125</FONT></P></A></TD></TR>

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   <A href="#page_129">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
   <A href="#page_129">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">14. Material Modification to the Rights of Security Holders and Use of Proceeds</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">125</FONT></P></A></TD></TR>

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   <A href="#page_130">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="81%" colSpan=4>
   <A href="#page_130">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">15. Controls and Procedures</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">126</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item</FONT></P></A></TD>

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   <A href="#page_130">

   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16.</FONT></P></A></TD>

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   <A href="#page_130">

   <P style="MARGIN: 0cm 0cm 0pt 4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">[Reserved]</FONT></P></A></TD>

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   <A href="#page_130">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">126</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="7%" colSpan=2>
   <A href="#page_131">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16A.</FONT></P></A></TD>

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   <A href="#page_131">

   <P style="MARGIN: 0cm 0cm 0pt 4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Audit Committee Financial Expert</FONT></P></A></TD>

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   <A href="#page_131">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">127</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="7%" colSpan=2>
   <A href="#page_131">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16B.</FONT></P></A></TD>

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   <A href="#page_131">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Code of Ethics</FONT></P></A></TD>

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   <A href="#page_131">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">127</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="7%" colSpan=2>
   <A href="#page_131">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16C.</FONT></P></A></TD>

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   <A href="#page_131">

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Principal Accountant Fees and Services</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">127</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16D.</FONT></P></A></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exemptions from the Listing Standards for Audit Committees</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">128</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16E.</FONT></P></A></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">128</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16F.</FONT></P></A></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Change in Registrant&#8217;s Certifying Accountant</FONT></P></A></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">128</FONT></P></A></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Corporate Governance</FONT></P></A></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mine Safety Disclosure</FONT></P></A></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">17.<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;Financial Statements</FONT></FONT></P></A></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">18.&nbsp; Financial Statements</FONT></P></A></TD>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Introduction</FONT></B></P>

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

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

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

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

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

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

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;consolidated financial statements&#8221; are to the consolidated financial statements of Companhia Sider&#250;rgica Nacional and its consolidated subsidiaries reported in International Financial Reporting Standards as issued by the IASB &#8211; IFRS as of December&nbsp;31, 2009, 2010 and 2011 and for the years ended December&nbsp;31, 2009,&nbsp; 2010 and 2011, together with the corresponding Report of Independent Registered Public Accounting Firm;</FONT></P>

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

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

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Forward-Looking Statements</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">general economic, political and business conditions in Brazil and abroad, especially in China;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the ongoing effects of the recent global financial markets and economic crisis;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">changes in competitive conditions and in the general level of demand and supply for our products;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">management&#8217;s expectations and estimates concerning our future financial performance and financing plans;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">our level of debt;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">availability and price of raw materials;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">changes in international trade or international trade regulations;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">protectionist measures imposed by Brazil and other countries;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">our capital expenditure plans;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">inflation, interest rate levels and&nbsp;fluctuations in foreign exchange rates;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">our ability to develop and deliver our products on a timely basis;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">lack of infrastructure in Brazil;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">electricity and natural gas shortages and government responses to them;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">existing and future governmental regulation; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">other risk factors as set forth under &#8220;Item 3D.&nbsp; Risk Factors.&#8221;</FONT></P>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face="times new roman">Presentation of Financial and Other Information</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our consolidated financial statements as of December&nbsp;31, 2011 and 2010 and for the years ended December&nbsp;31, 2011, 2010 and 2009 contained in &#8220;Item 18.&nbsp; Financial Statements&#8221; have been presented in thousands of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (R$)&nbsp;and prepared in accordance with International Financial Reporting Standards (IFRS) as&nbsp;issued by the International Accounting Standards Board (IASB).&nbsp; See Note 2(a) to our consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For certain purposes, such as providing reports to our Brazilian shareholders, filing financial statements with the Brazilian Securities Commission (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Comiss&#227;o de Valores Mobili&#225;rios</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), or CVM, and other distributions and tax liabilities in Brazil, we have prepared and will continue to be required to prepare financial statements in accordance with the accounting principles required by Brazilian laws No. 6,404, dated December&nbsp;15, 1976, as amended, and No. 11,638 dated December&nbsp;28, 2007, as amended, or the Brazilian Corporate Law, and the rules and regulations of the CVM, or Brazilian GAAP.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Changes on Regulatory Requirements for Presentation of Financial Statements &#8211; Convergence to International Financial Reporting Standards (&#8220;IFRS&#8221;) </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Starting with the year ended December 31, 2010, Brazilian listed companies are required to publish their consolidated financial statements in accordance with IFRS.&nbsp; Those consolidated financial statements must be prepared based on IFRS as issued by the IASB.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The financial statements and other financial information for the years ended December&nbsp;31, 2011, 2010 and 2009 included elsewhere in this Form 20-F, unless otherwise indicated, were prepared and presented in accordance with IFRS.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Previously published consolidated financial statements in our annual report on Form 20-F for our financial year ended December&nbsp;31, 2009, as well as all prior financial periods, were prepared in accordance with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;). IFRS differs in certain material respects from U.S. GAAP and, accordingly, the consolidated financial statements for our financial years ended December&nbsp;31, 2011, 2010 and 2009 prepared in accordance with IFRS are not comparable to our consolidated financial statements prepared in accordance with U.S. GAAP for 2009 and prior years presented in our reports on Form 20-F.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Certain figures included in this annual report have been subject to rounding adjustments.&nbsp; Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures which precede them.</FONT></P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">PART I</FONT></B></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 1. Identity of Directors, Senior Management and Advisors</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 2. Offer Statistics and Expected Timetable</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 3. Key Information</FONT></B></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3A. Selected Financial Data</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We present in this section the summary financial and operating data derived from our audited consolidated financial statements as of and for the year ended December&nbsp;31, 2011, 2010 and 2009.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The consolidated financial statements included in this annual report have been prepared in accordance with IFRS, as issued by the IASB, in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. However, we have translated some of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> amounts contained in this annual report into U.S. dollars.&nbsp; The rate used to translate such amounts in respect of the year ended December&nbsp;31, 2011 was R$1.8758 to US$1.00, which was the commercial rate for the purchase of U.S. dollars in effect as of December&nbsp;31, 2011, as reported by the Central Bank of Brazil, or the Central Bank. The U.S. dollar equivalent information presented in this annual report is provided solely for the convenience of investors and should not be </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">construed as implying that the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> amounts represent, or could have been or could be converted into, U.S. dollars at such rates or at any other rate.&nbsp; See &#8220;Exchange Rates&#8221; for more detailed information regarding the translation of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> into U.S. dollars.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">IFRS Summary and Financial Data</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following tables present summary historical consolidated financial and operating data for us for each of the periods indicated.&nbsp; Solely for the convenience of the reader, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> amounts as of and for the year ended December&nbsp;31, 2011 have been translated into U.S. dollars at the commercial market rate in effect as of December&nbsp;31, 2011 as reported by the Central Bank of R$1.8758 to US$1.00. The selected financial data below should be read in conjunction with &#8220;Item 5. Operating and Financial Review and Prospects.&#8221;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Year Ended December 31,</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(in million of US$, except per share data)</FONT></I></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">8,807 </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">16,520 </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">14,451 </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">10,978 </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(5,225)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(9,801)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(7,883)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(7,211)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Gross Profit</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,582 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">6,719 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">6,568 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,768 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Operating expenses</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=red face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Selling&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(322)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(604)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(482)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(447)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;General and Administrative&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(307)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(576)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(537)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(480)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Other Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(267)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(501)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(599)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(648)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Other Income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">383 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">719 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">49 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,369 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(513)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(962)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(1,569)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(206)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Operating income</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,069 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">5,757 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">4,998 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,561 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Financial Income (expenses), net</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(1,069)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(2,006)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(1,911)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(246)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Income Before Taxes </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,000 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,751</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,087</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,315</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Income Tax </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Current&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(73)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(136)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(363)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(577)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Deferred&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">28 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">52 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(207)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(123)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,955 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,667 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,516 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,615 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Net income</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,955 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,667 </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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,516 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,615 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Loss&nbsp;attributable to noncontrolling interest</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(21) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(39)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">- </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(4)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Net income&nbsp;attributable to Companhia Sider&#250;rgica Nacional</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,976 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,706 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,516 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,619 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Basic earnings per common share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.35510</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2.54191</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.72594</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.75478</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Diluted earnings per common share </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1.35510 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2.54191 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1.72594 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1.75478 </FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center">4</P>
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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">As of December 31,&nbsp;</FONT></B></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="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Balance Sheet Data:</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">&nbsp;&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="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2011</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" vAlign=bottom width="2%">

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2011</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" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face=calibri,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%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2010</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" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face=calibri,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%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2009</FONT></B></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="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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="2%">

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

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

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

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></I>&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="43%" colSpan=5 noWrap>

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

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">11,699</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">21,945</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">15,794</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">12,835</FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,113</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,088</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,104</FONT></P></TD>

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

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

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

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

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Property, plant and equipment</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">9,264</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">17,377</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">13,777</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">11,133</FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,911</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">5,460</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">6,380</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">6,436</FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">24,987</FONT></B></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">46,870</FONT></B></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">38,055</FONT></B></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">30,726</FONT></B></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,464</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">6,497</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">4,456</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,998</FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Non -current liabilities</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">17,036</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">31,956</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">25,776</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">20,139</FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Shareholders&#8217; equity&nbsp;</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">4,487</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">8,417</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">7,823</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">6,589</FONT></P></TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR style="HEIGHT: 20.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 20.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Total liabilities and shareholders&#8217; equity</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">24,987</FONT></B></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">46,870</FONT></B></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">38,055</FONT></B></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">30,726</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

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

<TR style="HEIGHT: 17.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 17.1pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Paid-in capital (in millions of </FONT><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">reais</FONT></I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 17.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 17.1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">896</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 17.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 17.1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,681</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 17.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 17.1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,681</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 17.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 17.1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,681</FONT></P></TD></TR>

<TR style="HEIGHT: 18pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Common shares (in million)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,457</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,457</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,457</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,457</FONT></P></TD></TR>

<TR style="HEIGHT: 18pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Dividends declared and interest on shareholders&#8217;&nbsp;equity&#185;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">640</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,200</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,856</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,819</FONT></P></TD></TR>

<TR style="HEIGHT: 30.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Dividends declared and interest on shareholders&#8217;&nbsp;equity per common share (in </FONT><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">reais</FONT></I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">)&#185;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">0.44</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">0.82</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1.27</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 30.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1.25</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Amounts consist of dividends declared and accrued interest on shareholders&#8217; equity during the year. For a discussion of our dividend policy and dividend and interest payments made in 2011, see &#8220;Item 8A. Consolidated Statements and Other Financial Information-Dividend Policy.&#8221; </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exchange Rates</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Brazilian foreign exchange system allows the purchase and sale of foreign currency and the international transfer of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> by any person or legal entity, regardless of the amount, subject to certain regulatory procedures.&nbsp; The Brazilian </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> has experienced frequent and substantial variations in relation to the U.S. dollar and other foreign currencies during the&nbsp;recent decades.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Between 2000 and 2002, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> depreciated significantly against the U.S. dollar, reaching R$3.53 per US$1.00 at the end of 2002.&nbsp; Between 2003 and mid-2008, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> appreciated significantly against the U.S. dollar due to the stabilization of the macroeconomic environment and a strong increase in foreign investment in Brazil, with the exchange rate reaching R$1.56 per US$1.00 in August&nbsp;2008.&nbsp; In the context of the crisis in the global financial markets after mid-2008, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">depreciated 31.9% against the U.S. dollar throughout 2008, reaching R$2.34 per US$1.00 on December&nbsp;31, 2008.&nbsp; From 2009 to 2010, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> appreciated 28.7% against the U.S. dollar and on December&nbsp;31, 2010 the exchange rate was R$1.67 per US$1.00. In 2011, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> depreciated 12.6%&nbsp; and on December 31, 2011, the exchange rate was R$1.88 per US$1.00. On April 18, 2012 the exchange rate was R$1.87 per US$1.00. The Central Bank has intervened occasionally to&nbsp;mitigate volatility&nbsp;in foreign exchange rates.&nbsp; We cannot predict whether the Central Bank or the Brazilian government will continue to allow the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> to float freely or will intervene in the exchange rate market through a currency band system or otherwise.&nbsp; The </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> may depreciate or appreciate against the U.S. dollar substantially.</FONT></P></DIV>

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<P style="TEXT-ALIGN: center">5</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following tables present the selling rate, expressed in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> per U.S. dollar (R$/US$), for the periods indicated.</FONT></P>

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<TR>

   <TD vAlign=bottom width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Year ended</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">Low</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD vAlign=bottom width="2%" align=center>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">High</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD vAlign=bottom width="2%" align=center>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">Average <SUP>(1)</SUP></FONT></B></P></DIV></TD>

   <TD vAlign=bottom width="2%" align=center>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">Period-end</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD></TR>

<TR>

   <TD vAlign=bottom width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;31, 2007&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.733&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">2.156&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.948&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.771&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;31, 2008&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.559&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">2.500&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.837&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">2.337&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;31, 2009</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.702&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">2.422&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.994&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.741&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;31, 2010</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.655&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.881&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.759&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.666&nbsp;</FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;31, 2011</FONT></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.535&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.902&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.675&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">1.876&nbsp;</FONT></P></TD></TR>

<TR height=20>

   <TD vAlign=bottom width="40%" colSpan=2><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT></P></FONT>

   <P></P></TD>

   <TD vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD vAlign=bottom width="2%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD>

   <TD vAlign=bottom width="13%" align=right>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Month ended</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">Low</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD vAlign=bottom align=center>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">High</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD vAlign=bottom align=center>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp; &nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">Average</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD vAlign=bottom align=center>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">Period-end</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">October&nbsp;2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.689</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.886</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.773</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.689</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">November&nbsp;2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.727</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.894</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.790</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.811</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.783</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.876</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.837</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.876</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">January&nbsp;2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.739</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.868</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.790</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.739</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">February&nbsp;2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.702</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.738</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.718</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.709</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">March&nbsp;2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.715</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.833</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.795</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.822</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">April&nbsp;2012 (through April 18, 2012)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.862</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.869</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.835</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.869</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=10>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Source: Central Bank.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="96%" colSpan=9>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Represents the daily average of the close exchange rates during the period. &nbsp;</FONT></P></TD></TR>

<TR height=0>

   <TD width="4%">&nbsp;</TD>

   <TD width="36%">&nbsp;</TD>

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

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

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

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We will pay any cash dividends and make any other cash distributions with respect to our common shares in Brazilian currency.&nbsp; Accordingly, exchange rate fluctuations may affect the U.S. dollar amounts received by ADS holders on conversion into U.S. dollars of such distributions for payment by the depositary.&nbsp; Fluctuations in the exchange rate between the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and the U.S. dollar may also affect the U.S. dollar equivalent of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> price of our common shares on BM&amp;FBOVESPA.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647464"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3B. Capitalization and Indebtedness</FONT></B></P>

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

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647465"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3C. Reasons for the Offer and Use of Proceeds</FONT></B></P>

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

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647466"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3D. Risk Factors</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">An investment in our ADSs or common shares involves a high degree of risk.&nbsp; You should carefully consider the risks described below before making an investment decision.&nbsp; Our business, financial condition and results of operations could be materially and adversely affected by any of these risks.&nbsp; The trading price of our ADSs could decline due to any of these risks or other factors, and you may lose all or part of your investment.&nbsp; The risks described below are those that we currently believe may materially affect us.</FONT></I></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Risks Relating to Brazil</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Brazilian government exercises significant influence over the Brazilian economy.&nbsp; This influence, as well as Brazilian political and economic conditions, could materially and adversely affect us.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Brazilian government frequently intervenes in the Brazilian economy and occasionally makes significant changes in policy and regulation. See &#8220;&#8212;Government efforts to combat inflation may hinder the growth of the Brazilian economy and could harm our business&#8221; and &#8220;Item 5A. Operating Results&#8212;Brazilian Macro-Economic Scenario, Effects of Exchange Rate Fluctuations.&#8221; The Brazilian government&#8217;s actions, policies and regulations have involved, among other measures, increases in interest rates, changes in tax policies, price controls, currency devaluations, capital controls and limits on imports.&nbsp; Our business, financial condition and results of operations may be adversely affected by political, social, and economic developments in or affecting Brazil, and by changes in policy or regulations at the federal, state or municipal levels involving or affecting factors, such as:</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">interest rates;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">exchange controls;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">currency fluctuations;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">inflation;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">price volatility of raw materials and our final products;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">lack of infrastructure in Brazil;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">energy shortages and rationing programs;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">liquidity of the domestic capital and lending markets;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">regulatory policy for the mining and steel industries;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">environmental policies and regulations;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">tax policies and regulations; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">other political, social and economic developments in or affecting Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Uncertainty over whether the Brazilian government will make changes affecting these and other factors may create instability. This may also adversely affect our business, financial condition and results of operations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exchange rate instability may adversely affect us and the market price of our common shares and ADSs.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Brazilian currency has long experienced frequent and substantial variations in relation to the U.S. dollar and other foreign currencies.&nbsp; Most recently, for example, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> was R$1.56 per US$1.00 in August 2008.&nbsp; In the context of the crisis in the global financial markets after mid-2008, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> depreciated 31.9% against the U.S. dollar over the year 2008 and reached R$2.34 per US$1.00 at year end. Since then, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> appreciated against the U.S. dollar and reached R$1.88 per US$1.00 at year end 2011. On April 18, 2012 the exchange rate was R$1.87 per US$1.00.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Depreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> against major foreign currencies could create inflationary pressures in Brazil and contribute to Central Bank increases in interest rates, which could negatively affect us and the growth of the Brazilian economy, may curtail access to foreign financial markets and may prompt government intervention, which could include recessionary measures.&nbsp; Depreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> can also, as in the context of an economic slowdown, lead to decreased consumer spending, deflationary pressures and reduced growth of the economy as a whole. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On the other hand, appreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> relative to major foreign currencies could lead to a deterioration of Brazilian foreign exchange current accounts, as well as affect export-driven growth. Depending on the circumstances, either depreciation or appreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> could materially and adversely affect the growth of the Brazilian economy and us as well as impact the U.S. dollar value of distributions and dividends on and the U.S. dollar equivalent of the market price of our common shares and our ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In the event the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> depreciates in relation to the U.S. dollar, the cost in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> of our foreign currency-denominated borrowings and imports of raw materials, particularly coal and coke, will increase.&nbsp; On the other hand, if the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">appreciates in relation to the U.S. dollar, it will cause </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">-denominated production costs to increase as a percentage of total production costs and cause our exports to be less competitive.&nbsp; We had total U.S. dollar-denominated or -linked indebtedness of US$5,325 million, or 35.59% of our total indebtedness, as of December&nbsp;31, 2011.&nbsp; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Government efforts to combat inflation may hinder the growth of the Brazilian economy and could harm us.</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil has in the past experienced extremely high rates of inflation, which has led the government to pursue monetary policies that have contributed to one of the highest real interest rates in the world. Since the implementation of the <I>Real </I>Plan in 1994, the annual rate of inflation in Brazil has decreased significantly, as measured by the National Broad Consumer Price Index (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#205;ndice Nacional de Pre&#231;os ao Consumidor Amplo</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, or IPCA).&nbsp; Inflation measured by the IPCA index was 4.3%, 5.9% and 6.5% in 2009, 2010 and 2011, respectively.&nbsp; Inflation and the Brazilian government&#8217;s inflation containment measures, mainly through monetary policies, have had and may have significant effects on the Brazilian economy and our business. Tight monetary policies with high interest rates may restrict Brazil&#8217;s growth and the availability of credit. Conversely, more lenient policies and interest rate decreases may trigger increases in inflation, with the consequent reaction of sudden and significant interest rate increases, which could negatively affect Brazilian economic growth and us. In addition, we may not be able to adjust the price of our products in the&nbsp;foreign markets to offset the effects of inflation in Brazil on our cost structure, given that most of our costs are incurred in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Developments and perception of risk in other countries, especially in the United States, China and other emerging market countries, may adversely affect the trading price of Brazilian securities, including our common shares and ADSs.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.6pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The market value of securities of Brazilian companies is affected to varying degrees by economic and market conditions in other countries, including the United States, China, Latin American and other emerging market countries. Although economic conditions in these countries may differ significantly from economic conditions in Brazil, investors&#8217; reactions to developments in these other countries may have an adverse effect on the market value of securities of Brazilian issuers. Crisis in, or economic policies of, other countries may diminish investor interest in securities of Brazilian issuers, including ours. This could adversely affect the trading price of our common shares and/or ADSs, and could also make it more difficult or impossible for us to access the capital markets and finance our operations on acceptable terms.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Risks Relating to Us and the Industries in Which We Operate</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are exposed to substantial changes in the demand for steel and iron ore, which has a substantial impact in the prices of our products and may adversely affect our results of operations.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The steel and mining industries are highly cyclical, both in Brazil and abroad.&nbsp; The demand for steel and mining products and, thus, the financial condition and results of operations of companies in the steel and mining industries, including us, are generally affected by macroeconomic fluctuations in the world economy and the economies of steel-producing countries, including trends in the automotive, construction, home appliances and packaging industries, as well as other industries which rely upon steel distributors. A worldwide recession, an extended period of below-trend growth in developed countries or a slowdown in the emerging markets that are large consumers of our products (such as the domestic Brazilian market for our steel products and the Chinese market for iron ore) could sharply reduce demand for our products. Reduced demand can lead to overcapacity and excessive downtime, lower utilization of our significant fixed assets and therefore reduced operating profitability. In addition, steel competes with other materials that may be used as substitutes, such as aluminum (particularly in the automobile industry), cement, composites, glass, plastic and wood. Government regulatory initiatives mandating the use of such materials in lieu of steel, whether for environmental or other reasons, as well as the development of other new substitutes for steel products, could also significantly reduce market prices and demand for steel products and thereby reduce our cash flow and profitability. Any material decrease in demand for steel and iron ore in the domestic or export markets served by us could have a material adverse effect on us. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The availability and the price of raw materials that we need to produce steel, particularly of coal and coke, may adversely affect our results of operations.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011 and 2010, raw material costs accounted for 59.4% and 56.4%, respectively, of our total production costs. Our&nbsp;main raw materials include iron ore, coal, coke, limestone, dolomite, manganese, zinc, tin and aluminum. We depend on third parties for some of our raw material requirements, including importing all of the coal required to produce coke and approximately 38% of our coke requirements. In addition, we require significant amounts of energy,&nbsp;in the form of natural gas and electricity, to power our plants and equipment.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Any prolonged interruption in the supply of raw materials, natural gas or electricity, or substantial increases in their prices, could materially and adversely affect us.&nbsp; These interruptions and price increases may be a result of changes in laws or trade regulations, the availability and cost of transportation, suppliers&#8217; allocations to other purchasers, interruptions in production by suppliers or accidents or similar events on suppliers&#8217; premises or along the supply chain. Our inability to pass those cost increases on to our customers or to meet our customers&#8217; demands because of non-availability of key raw materials could also have a material and adverse effect on us.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our steel products face significant competition, including price competition, from other domestic or foreign producers, which may adversely affect our profitability and market share.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The global steel industry is highly competitive with respect to price, product quality and customer service, as well as technological advances that enable steel companies to reduce their production costs. Brazil&#8217;s export of steel products is influenced by several factors, including the protectionist policies of other countries, disputes regarding these policies before the WTO (World Trade Organization), the Brazilian government&#8217;s exchange rate policy and the growth rate of the world economy. Further, continuous advances in materials sciences and resulting technologies have given rise to improvements in products such as plastics, aluminum, ceramics and glass that permit them to substitute steel. Due to high start-up costs, the economics of operating a steelworks facility on a continuous basis may encourage mill operators to maintain high levels of output, even in times of low demand, which increases the pressure on industry profit margins.&nbsp; In addition, downward pressure on steel prices by our competitors may affect our profitability.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The steel industry has historically suffered from structural over-capacity which has recently worsened due to a substantial increase in production capacity in the developing world, particularly in China and India as well as other emerging markets. China is now the largest global steel producer by a large margin and Chinese and other countries&#8217; steel exports, or conditions favorable to them (excess steel capacity, undervalued currency or higher market prices for steel in markets outside of such countries) can have a significant impact on steel prices in other markets.&nbsp; If we are not able to remain competitive in relation to China or other steel-producing countries, in the future our results may be adversely affected.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010, steel companies in Brazil faced strong competition of imported products, mainly as a result of the reduction in steel products demand&nbsp;in mature markets, the exchange rate appreciation and tax incentives.&nbsp; The Brazilian government adopted measures to contain imported products and, as a result, prices of imported products stabilized as compared to local products. These measures also had a positive effect in 2011, when imports were consistently reduced. Apart from direct steel imports, the Brazilian industry has also been facing the competition of imported finished goods, which affects the whole steel chain. If the Brazilian Government were to remove the current protective measures or fails to act against cheap subsidized steel imports, our results of operation may also be materially and adversely affected. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The shift in iron ore pricing and increase in price volatility could adversely affect our iron ore business. </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The previous annual benchmark price system for iron ore adopted by the main iron ore producers, including us, was replaced in the last couple of years by different pricing systems, and is now more sensitive to spot price volatility. Fluctuations in supply and demand could increase price volatility, mainly in spot prices, which could adversely affect our mining business and, consequently, our cash flow. See &#8220;Item 5A&#8212;Operating Results&#8212;Overview&#8212;Macro-Economic Scenario&#8212;Mining.&#8221; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Protectionist and other measures adopted by foreign government could adversely affect our export sales.</FONT></I></B><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> &nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In response to the increased production and export of steel by many countries, anti-dumping, countervailing duties and safeguard measures were imposed in the late 1990s and early 2000s by foreign governments representing the main markets for our exports. In June 2011, safeguard measures imposed by Argentina and the United States were terminated, but restrictions imposed by Canada on imports of hot-rolled products from Brazil and by the European Union on imports of certain chemical substances contained either in products used to protect the steel products or in products used to pack them, remain in effect. The imposition of these and other protectionist measures by foreign countries may materially and adversely affect our export sales.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our activities depend on authorizations, concessions, permits and licenses. Changes of laws and regulations and government measures could adversely affect us.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our activities depend on authorizations, permits and licenses from and concessions by governmental regulatory agencies of the countries in which we operate. If laws and regulations applicable to these authorizations, concessions, permits or licenses change, modifications to our technologies and operations could be required, and we may need to make unexpected capital expenditures.&nbsp; These changes and additional costs may have a negative impact on the profitability of our projects or even make certain projects economically or otherwise unfeasible.&nbsp; Also, we cannot guarantee that we will be able to maintain, renew or obtain any required authorization, concession, permit or license. Our authorizations, concessions, permits and licenses may require that we meet certain performance thresholds or completion milestones. In case we are unable to meet these thresholds or milestones we may lose our authorizations, concessions, permits and licenses. The loss or inability to obtain any authorization, concession, permit or license, or changes in the regulatory framework we operate in, may materially and adversely affect us.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition, our activities are subject to government regulation in the form of taxes and royalties, which can have an important financial impact on our operations.&nbsp; In the countries where we operate, governments may impose new taxes, raise existing taxes and royalties, or change the basis on which they are calculated in a manner unfavorable to us.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Malfunctioning equipment or accidents on our premises, railways or ports may decrease or interrupt production, internal logistics or distribution of our products.&nbsp; </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The steel and iron ore production processes depend on certain critical equipment, such as blast furnaces, steel converters, continuous casting machines, drillers, crushing and screening equipment and shiploaders, as well as on internal logistics and distribution channels, such as railways and seaports.&nbsp; This equipment and infrastructure may be affected in the case of malfunction or damage.&nbsp; In 2006, there was an accident involving the gas cleaning system adjacent to Blast Furnace No. 3 at the Presidente Vargas Steelworks, which prevented us from operating this blast furnace for approximately six months. Similar or any other significant interruptions in our production process, internal logistics or distribution channels (including our ports and railways) could materially and adversely affect us.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our insurance policies may not be sufficient to cover all our losses.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">We maintain several types of insurance policies, in line with the risk management of our business, that attempt to follow industry market practices for similar activities. Coverage in such policies encompasses domestic and international (import and export) cargo transport (road, rail, sea or air), carrier liability, life insurance, personal accidents, health, auto insurance, D&amp;O, general liability, erection risks, boiler and machinery coverage, export credit insurance, surety, ports and terminal liabilities.&nbsp; We also have an operational risks policy for the Presidente Vargas Steelworks and some of our &nbsp;branches and subsidiaries for a total insured value of R$850 million out of a total risk amount of R$25.1 billion. Under the terms of this policy CSN remains responsible for the first R$170 million in losses (material damages and loss of profits) and for 53.55% of the losses above such amount. The coverage obtained in these insurance policies may not be sufficient to cover all risks we are exposed to. Additionally, we may not be able to successfully contract or renew our insurance policies in terms satisfactory to us, which may adversely affect our financial position. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our projects are subject to risks that may result in increased costs or delay or prevent their successful implementation.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are investing to further increase our steel, mining and cement production capacity, as well as our logistics capabilities. See &#8220;Item 4D. Property, Plant and Equipment&#8212;Capital Expenditures&#8212;Planned Investments.&#8221; These projects are subject to a number of risks that may adversely affect our growth prospects and profitability, including the following:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">we may encounter delays, availability problems or higher than expected costs in obtaining the necessary equipment, services and materials to build and operate a project;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">our efforts to develop projects according to schedule may be hampered by a lack of infrastructure, including availability of overburden and waste disposal areas as well as reliable power and water supplies;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">we may fail to obtain, lose, or experience delays or higher than expected costs in obtaining or renewing the required permits, authorizations, licenses, concessions and/or regulatory approvals to build or continue a project; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">changes in market conditions, laws or regulations may make a project less profitable than expected or economically or otherwise unfeasible.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Any one or a combination of factors described above may materially and adversely affect us. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">New or more stringent environmental, safety and health regulations imposed on us may result in increased liabilities and increased capital expenditures.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our steel making, mining, cement and logistics facilities are subject to a broad range of laws, regulations and permit requirements in Brazil relating mainly to the protection of health, safety and the environment.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazilian pollution standards are expected to continue to change, including the introduction of new effluent and air emission standards, solid waste-handling regulations, and native forest preservation requirements in rural land.&nbsp; The Brazilian government has recently adopted a decree under the climate change national policy (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pol&#237;tica Nacional de Mudan&#231;as Clim&#225;ticas</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) that contemplates specific limits on carbon emissions to be established in 2012 and phased in through 2020. These limits will be established jointly by industry and government representatives and will include goals for reduction of emissions, including gradual measures at three-year intervals, which may require a material investment by us. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">New or more stringent environmental, safety and health standards imposed on us could require us to make increased capital expenditures, create additional legal preservation areas in our properties, or make modifications in operating practices or projects. As a result, the amount and timing of future environmental and related expenditures may vary substantially from those currently anticipated.&nbsp; These additional costs may also have a negative impact on the profitability of the projects we intend to implement or may make such projects economically unfeasible.&nbsp; We could also be exposed to civil penalties, criminal sanctions and closure orders for non-compliance with these regulations.&nbsp; Waste disposal and emission practices may result in the need for us to clean up or retrofit our facilities at substantial costs and/or could result in substantial liabilities.&nbsp; Environmental legislation restrictions imposed by foreign markets to which we export our products may also materially and adversely affect our export sales and us. </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our governance and compliance processes may fail to prevent regulatory penalties and reputational harm.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We operate in a global environment, and our activities straddle multiple jurisdictions and complex regulatory frameworks with increased enforcement activities worldwide.&nbsp; Our governance and compliance processes may not prevent future breaches of law, accounting and/or governance standards.&nbsp; We may be subject to breaches of our Code of Ethics, business conduct protocols and instances of fraudulent behavior and dishonesty by our employees, contractors or other agents.&nbsp; Our failure to comply with applicable laws and other standards could subject us to fines, loss of operating licenses and reputational harm, which may materially and adversely affect us. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Some of our operations depend on joint ventures, consortia and other forms of cooperation, and our business could be adversely affected if our partners fail to observe their commitments.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We currently operate parts of our business through joint-ventures and consortia with other companies.&nbsp; We have established a joint-venture with an Asian consortium at our 60% consolidated investee Nacional Min&#233;rios S.A., or Namisa, to mine iron ore; a joint-venture with other Brazilian steel and mining companies at MRS Log&#237;stica S.A., or MRS, to explore railway transportation in the Southeastern region of Brazil, a joint-venture with Tractebel and Itambe at It&#225; Energ&#233;tica S.A., or ITASA, to produce electricity, and a consortium with Vale, Votorantim Metais, CEMIG and Anglo Gold Ashant at Igarapava Hydroelectric Power Plant to produce electricity.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our forecasts and plans for these joint-ventures and consortia assume that our partners will observe their obligations to make capital contributions, purchase products and, in some cases, provide managerial personnel or financing.&nbsp; In addition, many of the projects contemplated by our joint-ventures or consortia rely on financing commitments, which contain certain preconditions for each disbursement.&nbsp; If any of our partners fails to observe their commitments or we fail to comply with all preconditions required under our financing commitments, the affected joint-venture, consortium or other project may not be able to operate in accordance with its business plans, or we may have to increase the level of our investment to implement these plans.&nbsp; Any of these events may have a material adverse effect on us.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our mineral reserve estimates may materially differ from mineral quantities that we may be able to actually recover; our estimates of mine life may prove inaccurate; and market price fluctuations and changes in operating and capital costs may render certain ore reserves uneconomical to mine.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our reported ore reserves are estimated quantities of ore and minerals that we have determined can be economically mined and processed under present and anticipated conditions to extract their mineral content.&nbsp; There are numerous uncertainties inherent in estimating quantities of reserves and in projecting potential future rates of mineral production, including many factors beyond our control.&nbsp; Reserve engineering involves estimating deposits of minerals that cannot be measured in an exact manner, and the accuracy of any reserve estimate is a function of the quality of available data and engineering and geological interpretation and judgment.&nbsp; As a result, no assurance can be given that the indicated amount of ore will be recovered or that it will be recovered at the rates we anticipate.&nbsp; Estimates of different engineers may vary, and results of our mining and production subsequent to the date of an estimate may lead to revision of estimates.&nbsp; Reserve estimates and estimates of mine life may require revision based on actual production experience and other factors.&nbsp; For example, fluctuations in the market prices of minerals and metals, reduced recovery rates or increased operating and capital costs due to inflation, exchange rates or other factors may render proven and probable reserves uneconomic to exploit and may ultimately result in a restatement of reserves. See &#8220;Item 4B&#8212;Business Overview&#8212;Our Mining Segment&#8212;Mineral Reserves.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We may not be able to adjust our mining production volume in a timely or cost-efficient manner in response to changes in demand.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Revenues from our mining business represented in 2009, 2010 and 2011, respectively, 17%, 24% and 35% of our total net revenues.&nbsp; Our ability to rapidly increase production capacity is limited, which could render us unable to fully satisfy demand for our products.&nbsp; When demand exceeds our production capacity, we may meet excess customer demand by purchasing iron ore from unrelated parties and reselling it, which would increase our costs and narrow our operating margins.&nbsp; If we are unable to satisfy excess customer demand in this way, we may lose customers.&nbsp; In addition, operating close to full capacity may expose us to higher costs, including demurrage fees due to capacity restraints in our logistics systems.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Conversely, operating at significant idle capacity during periods of weak demand may expose us to higher unit production costs since a significant portion of our cost structure is fixed in the short-term due to the high capital intensity of mining operations.&nbsp; In addition, efforts to reduce costs during periods of weak demand could be limited by labor regulations or existing labor or government agreements.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Adverse economic developments in China could have a negative impact on our revenues, cash flow and profitability.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">China has been the main driver of global demand for minerals and metals over the last few years.&nbsp; In 2011, Chinese demand represented 61% of global demand for seaborne iron ore.&nbsp; The percentage of our iron ore sales volume to consumers in China was 33% in 2011. A contraction of China&#8217;s economic growth could result in lower demand for our products, leading to lower revenues, cash flow and profitability.&nbsp; Poor performance in the Chinese real estate sector, one of the largest consumers of carbon steel in China, could also negatively impact our results.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Drilling and production risks could adversely affect the mining process.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Once mineral deposits are discovered, it can take a number of years from the initial phases of drilling until production is possible, during which time the economic feasibility of production may change.&nbsp; Substantial time and expenditures are required to:</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">establish mineral reserves through drilling;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">construct mining, processing facilities and infrastructure required for greenfield properties; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">obtain the ore or extract the minerals from the ore.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">If a mining project proves not to be economically feasible by the time we are able to profit from it, we may incur substantial losses and be obliged to take write-offs.&nbsp; In addition, potential changes or complications involving metallurgical and other technological processes arising during the life of a project may result in delays and cost overruns that may render the project not economically feasible.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Natural and other disasters could disrupt our operations</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our business and operating results could be negatively impacted by social, technical and/or physical risks such as flooding, fire, power loss, loss of water supply, leakages, telecommunications and information technology system failures, and political instability, including a global economic slowdown. For example, flooding in Australia at the end of 2010 affected global coal supply and consequently increased our raw material costs.&nbsp; In addition, heavy rainfall in the Southeast Region of Brazil could affect our iron ore and logistics operations and consequently our revenues. Such events could affect our ability to conduct our business operations and, as a result, reduce our operating results and materially and adversely affect us.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We may not be able to consummate proposed acquisitions successfully or integrate acquired businesses successfully.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">From time to time, we may evaluate acquisition opportunities that would strategically fit our business objectives.&nbsp; If we are unable to complete acquisitions, or integrate successfully and develop these businesses to realize revenue growth and cost savings, our financial results could be adversely affected.&nbsp; Acquisitions also pose the risk that we may be exposed to successor liability involving an acquired company.&nbsp; Due diligence conducted in connection with an acquisition, and any contractual guarantees or indemnities that we receive, may not be sufficient to protect us from, or compensate us for, actual liabilities.&nbsp; A material liability associated with an acquisition, such as labor- or environmental-related, could adversely affect our reputation and financial performance and reduce the benefits of the acquisition.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman">&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition, we may incur asset impairment charges related to acquisitions, which may reduce our profitability.&nbsp; Finally, our acquisition activities may present financial, managerial and operational risks, including diversion of management attention from existing core businesses, difficulties integrating or separating personnel and financial and other systems, adverse effects on existing business relationships with suppliers and customers, inaccurate estimates of fair value made in the accounting for acquisitions and amortization of acquired intangible assets which would reduce future reported earnings, potential loss of customers or key employees of acquired businesses, and indemnities and potential disputes with the buyers or sellers.&nbsp; Any of these activities could affect our product sales, financial condition and results of operations. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have a substantial amount of indebtedness, which could make it more difficult or expensive&nbsp; to refinance our maturing debt and /or incur new debt.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December 31, 2011, our total debt outstanding amounted to R$28,067 million, consisting of R$2,735 million of short-term debt and R$25,332 million of long-term debt.&nbsp;See &#8220;Item 5B. Liquidity and Capital Resources&#8221; and &#8220;Item 18. Financial Statements.&#8221;&nbsp; Although we had R$15,417 million of cash and cash equivalents as of December 31, 2011, our planned investments in all of our business segments will require a significant amount of cash over the course of 2012 and following years. See &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments.&#8221;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The level of our indebtedness could affect our credit rating and ability to obtain any necessary financing in the future and increase our cost of borrowing. In these and other circumstances, servicing our indebtedness may use a substantial portion of our cash flow from operations, which could make it more difficult for us</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to make payments of dividends and other distributions to our shareholders, including the holders of our ADSs, and adversely affect our financial condition and results of operations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have experienced labor disputes in the past that have disrupted our operations, and such disputes may recur.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A substantial number of our employees and some of the employees of our subcontractors are represented by labor unions and are covered by collective bargaining or other labor agreements, which are subject to periodic renegotiation.&nbsp; Strikes and other labor disruptions at any of our facilities or labor disruptions involving third parties who may provide us with goods or services, have in the past and may in the future materially and adversely affect the operation of our facilities, or the timing of completion and the cost of our projects.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Risks Relating to our Common Shares and ADSs</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our controlling shareholder has the ability to direct our business and affairs and its interests could conflict with yours.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our controlling shareholder has the power to, among other things, elect a majority of our directors and determine the outcome of any action requiring shareholder approval, including transactions with related parties, corporate reorganizations, acquisitions, dispositions, and the timing and payment of any future dividends, subject to minimum dividend payment requirements imposed under Brazilian Corporate Law.&nbsp; Our controlling shareholder may have an interest in pursuing acquisitions, dispositions, financings or similar transactions that could conflict with your interests as a holder of our common shares and ADSs.&nbsp; For a description of our ownership structure, see &#8220;Item 7A.&nbsp; Major Shareholders.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">If you surrender your ADSs and withdraw common shares, you risk losing the ability to remit foreign currency abroad and certain Brazilian tax advantages.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As an ADS holder, you benefit from the electronic certificate of foreign capital registration obtained by the custodian for our common shares underlying the ADSs in Brazil, which permits the custodian to convert dividends and other distributions with respect to the common shares into non-Brazilian currency and remit the proceeds abroad.&nbsp; If you surrender your ADSs and withdraw common shares, you will be entitled to continue to rely on the custodian&#8217;s electronic certificate of foreign capital registration for only five business days from the date of withdrawal.&nbsp; Thereafter, upon the disposition of, or distributions relating to, the common shares, you will not be able to remit abroad non-Brazilian currency unless you obtain your own electronic certificate of foreign capital registration or you qualify under Brazilian foreign investment regulations that entitle some foreign investors to buy and sell shares on Brazilian stock exchanges without obtaining separate electronic certificates of foreign capital registration.&nbsp; If you do not qualify under the foreign investment regulations you will generally be subject to less favorable tax treatment of dividends and distributions on, and the proceeds from any sale of, our common shares.&nbsp; For more information regarding exchange controls, see &#8220;Item 10.D. Exchange Controls.&#8221; If you seek to obtain your own electronic certificate of foreign capital registration, you may incur expenses or suffer delays in the application process, which could delay your ability to receive dividends or distributions relating to our common shares or the return of your capital in a timely manner.&nbsp; The depositary&#8217;s electronic certificate of foreign capital registration may also be adversely affected by future legislative changes.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holders of ADSs may not be able to exercise their voting rights.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holders of ADSs may only exercise their voting rights with respect to the underlying common shares in accordance with the provisions of the deposit agreement.&nbsp; Under the deposit agreement, ADS holders must vote by giving voting instructions to the depositary.&nbsp; Upon receipt of the voting instructions of the ADS holder, the depositary will vote the underlying common shares in accordance with these instructions.&nbsp; If we ask for voting instructions, the depositary will notify ADS holders of the upcoming vote and will arrange to deliver the proxy card. We cannot assure that ADS holders will receive the proxy card in time to ensure that they can instruct the depositary to vote.&nbsp; In addition, the depositary and its agents are not liable for failing to carry out voting instructions or for the </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">manner of carrying out voting instructions.&nbsp; Alternatively, ADS holders can exercise their right to vote by surrendering their ADSs for cancellation in exchange for our common shares.&nbsp; Pursuant to our bylaws, the first call for a shareholders&#8217; meeting must be published at least 15&nbsp;days in advance of the meeting, and the second call must be published at least eight days in advance of the meeting.&nbsp; When a shareholders&#8217; meeting is convened, holders of ADSs may not receive sufficient advance notice to surrender their ADSs in exchange for the underlying common shares to allow them to vote with respect to any specific matter.&nbsp; As a result, holders of ADSs may not be able to exercise their voting rights.</FONT></P></DIV>

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<B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The relative volatility and illiquidity of the Brazilian securities markets may substantially limit your ability to sell the common shares underlying the ADSs at the price and time you desire.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Investing in securities that trade in emerging markets, such as Brazil, often involves greater risk than investing in securities of issuers in the United States, and such investments are generally considered to be more speculative in nature.&nbsp; The Brazilian securities market is substantially smaller, less liquid, more concentrated and can be more volatile than major securities markets in the United States.&nbsp; Accordingly, although you are entitled to withdraw the common shares underlying the ADSs from the depositary at any time, your ability to sell the common shares underlying the ADSs at a price and time at which you wish to do so may be substantially limited.&nbsp; There is also significantly greater concentration in the Brazilian securities market than in major securities markets in the United States.&nbsp; The ten largest companies in terms of market capitalization represented 53.1% of the&nbsp;total market capitalization of the BM&amp;FBOVESPA as of December&nbsp;31, 2011.&nbsp; The top ten stocks in terms of trading volume accounted for 47.2%, 48.8% and 50.9% of all shares traded on the BM&amp;FBOVESPA in 2011, 2010 and 2009, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Holders of ADSs may be unable to exercise preemptive rights with respect to our common shares.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We may not be able to offer our common shares to U.S. holders of ADSs pursuant to preemptive rights granted to holders of our common shares in connection with any future issuance of our common shares unless a registration statement under the Securities Act is effective with respect to such common shares and preemptive rights, or an exemption from the registration requirements of the Securities Act is available.&nbsp; We are not obligated to file a registration statement relating to preemptive rights with respect to our common shares or to undertake steps that may be needed to find exemptions from registration available, and we cannot assure you that we will file any such registration statement or take any such steps.&nbsp; If such a registration statement is not filed and an exemption from registration does not exist, The JP Morgan Chase Bank, N.A., as depositary, may attempt to sell the preemptive rights, and you will be entitled to receive the proceeds of such sale.&nbsp; However, these preemptive rights will expire if the depositary does not sell them, and U.S. holders of ADSs will not realize any value from the granting of such preemptive rights.&nbsp; For </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>a more complete description of preemptive rights with respect to the underlying shares, see &#8220;Item 10B. Memorandum and Articles of Association&#8212;Preemptive Rights.&#8221;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647467"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 4. Information on the Company</FONT></B></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647468"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4A. History and Development of the Company</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">History </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Companhia Sider&#250;rgica Nacional is a Brazilian corporation (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">sociedade por a&#231;&#245;es</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) incorporated in 1941 pursuant to a decree of the Brazilian President at the time, Get&#250;lio Vargas. The Presidente Vargas Steelworks, located in the city of Volta Redonda, in the State of Rio de Janeiro, started the production of coke, pig iron and steel products in 1946. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Three major expansions were undertaken at the Presidente Vargas Steelworks during the 1970s and 1980s. These were completed in 1974, 1977 and 1989 and increased installed annual production capacity to 1.6 million tons, 2.4 million and 4.5 million tons of crude steel, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company was privatized through a series of auctions held in 1993 and early 1994, through which the Brazilian government sold its 91% ownership interest. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Between 1993 and 2002, we implemented a capital improvement program aimed at increasing our annual production of crude steel, improving the quality of our products and enhancing our environmental protection and cleanup programs. As part of the investments, since February 1996, all our production has been based on the continuous casting process, rather than ingot casting, which involved an alternative method that resulted in higher energy use and metal loss. From 1996 until 2002, we spent the equivalent of US$2.4 billion on the capital improvement program and on maintaining our operational capacity, culminating with the renovation of Blast Furnace No. 3 and Hot Strip Mill No. 2 in 2001. These measures resulted in the increase of our annual production capacity to 5.6 million tons of crude steel and 5.1 million tons of rolled products.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">General</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are one of the largest fully integrated steel producers in Brazil and Latin America in terms of crude steel production. Our current annual crude steel capacity and rolled product capacity is 5.6 million and 5.1 million tons, respectively. In 2011, production of crude steel and rolled steel products amounted to 4.9 million tons and 4.7 million tons respectively, both stable when compared to 2010. We also operate in the mining, cement, logistics and energy businesses, which have become increasingly important to our operations and growth. </FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our fully integrated manufacturing facilities produce a broad line of steel products, including slabs, hot- and cold-rolled, galvanized and tin mill products for the distribution, packaging, automotive, home appliance and construction industries. In 2010, we accounted for approximately 46% of the coated steel products market in Brazil. We are also one of the world&#8217;s leading producers of tin mill products for packaging containers, and were responsible for approximately 100% of the market share in Brazil in 2010. Market share information for 2011 was not yet available as of the date of this annual report.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-TOP: 0cm; TEXT-INDENT: 18pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our production process is based on the integrated steelworks concept. Below is a brief summary of the steel making process at our Presidente Vargas Steelworks: </FONT></P>

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<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Iron ore produced from our own mines is processed in continuous sintering machines to produce sinter; </FONT>

<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sinter and lump ore direct charges are smelted with lump coke and injected powdered coal in blast furnaces to produce pig iron; </FONT>

<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pig iron is then refined into steel via basic oxygen converters; </FONT>

<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel is continuously cast in slabs; and</FONT>

<LI style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Slabs are then hot rolled, producing hot bands that are coiled and sent to finishing facilities. </FONT></LI></UL>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We currently obtain all of our iron ore, limestone and dolomite requirements, and a portion of our tin requirements from our own mines. Using imported coal, we produce approximately 75% of our coke requirements at current production levels in our own coke batteries at Volta Redonda. Imported coal is also pulverized and used directly in the pig iron production process. Zinc, manganese ore, aluminum and a portion of our tin requirements are purchased in local markets. Our steel production and distribution processes also require water, industrial gases, electricity, rail and road transportation, and port facilities.</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We own a number of high quality iron ore mines, all located within Brazil&#8217;s Iron Ore Quadrangle (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Quadril&#225;tero Ferr&#237;fero</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), in the state of Minas Gerais, including the Casa de Pedra mine, located in Congonhas, and Namisa &#8211; Nacional Min&#233;rios S.A. mines (Fernandinho, located in Itabirito and Engenho, also located in Congonhas). Our mining assets also include TECAR, a solid bulks seaport terminal, located in Itagua&#237; Port in the state of Rio de Janeiro, Minera&#231;&#227;o Bocaina, located in Arcos, in the state of Minas Gerais, which produces dolomite and limestone, and Estanho de Rond&#244;nia S.A.&nbsp; (ERSA), which mines and casts tin, located in Ariquemes, in the state of Rond&#244;nia. </FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Logistics</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our verticalization strategy and intense synergies among the Company's business units are strongly dependent on the logistics created to guarantee the transportation of the inputs at a low operating cost. A number of railroads and port terminals make up the logistics system integrating CSN's mining, steelmaking and cement units. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN manages two port terminals at Itagua&#237;, in Rio de Janeiro, one for bulk solids (TECAR) and one for containers (Sepetiba Tecon).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN also has interests in two railways: MRS Log&#237;stica, which operates the former Southeast Network of the Federal Railroad Network, along the Rio de Janeiro-S&#227;o Paulo-Belo Horizonte axis, and the Transnordestina Log&#237;stica S.A., whose Nova Transnordestina project will connect the interior of northeast Brazil to Pec&#233;m and Suape Ports, with an extension of 1,728km of track.</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN entered the cement market in May 2009, driven by the high synergy with its current business. This segment takes advantage of the slag generated by our blast furnaces and of our limestone reserves, located in the city of Arcos, in the state of Minas Gerais. Limestone, used to produce clinker, and slag account for approximately 95% of the cost of inputs in cement production. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN plans to increase its market share in the cement segment in Brazil in order to diversify its product mix and markets, reducing risks and adding value for its shareholders.</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN is one of Brazil&#8217;s largest industrial electric power consumers. Since 1999, we have invested in power generation projects in order to ensure self-sufficiency. Our electrical assets include: (i) CSN&#8217;s 29.5% stake in the It&#225; Hydroelectric Power Plant, in Santa Catarina, corresponding to 167 MW, through a 48.75% equity interest in It&#225; Energ&#233;tica S.A.; (ii) CSN&#8217;s 17.9% interest in the 210-MW Igarapava Hydroelectric Power Plant in Minas Gerais, corresponding to 23 MW; and (iii) a 238 MW cogeneration thermoelectric power plant in Presidente Vargas Steelworks, which is fueled by the waste gases from the steel production process. These three plants give CSN an average generation capacity of 428 MW, supplying the group&#8217;s total need for power</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN&#8217;s legal and commercial name is Companhia Sider&#250;rgica Nacional.&nbsp; CSN is organized for an unlimited period of time under the laws of the Federative Republic of Brazil.&nbsp; Our head offices are located at Av. Brigadeiro Faria Lima, 3400, 20<SUP>th</SUP> floor, Itaim Bibi, S&#227;o Paulo, Brazil, CEP 04538-132, and our telephone number is +55-11-3049-7100.&nbsp; CSN&#8217;s agent for service of process in the United States is CT Corporation, with offices at 111 Eighth Avenue, New York, New York 10011. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Competitive Strengths</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>We believe that we have the following competitive strengths:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Fully integrated business model. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>We believe we are one of the most fully integrated steelmakers in the world. This is due to our captive sources of raw materials, especially iron ore, and access to owned infrastructure, such as railroads and deep-sea water port facilities. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We own a number of high quality iron ore mines, all located within Brazil&#8217;s Iron Ore Quadrangle (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Quadril&#225;tero Ferr&#237;fero</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), in the State of Minas Gerais</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>, which differentiates us from our main competitors in Brazil that purchase their iron ore from mining companies such as Vale S.A., or Vale. In addition to our iron ore reserves, we have captive dolomite and limestone mines that supply our Presidente Vargas Steelworks. Our steelworks are close to the main steel consumer centers in Brazil, with easy access to port facilities and railroads. See &#8220;Item 4B. Business Overview&#8212;Our&nbsp; mining segment&#8221; and &#8220;Item 4D&#8212;Property&nbsp; Plant and Equipment.&#8221;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt; BACKGROUND: white"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Profitable mining business. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>Our mining business has received investments in recent years, placing CSN in a prominent position </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">among the country&#8217;s leading mining firms. Additional investments will increase capacity to approximately 89 mtpy, including third party purchases, thereby strengthening CSN&#8217;s position as an important player in the global iron ore market. The Company has high-quality iron ore reserves through Casa de Pedra mine and Namisa mines (Engenho and Fernandinho), both located in Minas Gerais. Our mining activities provide strong revenue generation, and have significantly increased in the last five years. We sold 10.5&nbsp;million tons in 2007, 18.5&nbsp;million tons in 2008, 17.5&nbsp;million tons in 2009</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>, 18.6 million tons in 2010 and 23.8 million tons in 2011 (considering our proportional interest in Namisa throughout this period). The company&#8217;s mining assets also include TECAR, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a solid bulks seaport terminal, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>with a capacity for 30 mtpy, located in Itagua&#237; Port (RJ), Minera&#231;&#227;o Bocaina, located in Arcos (MG), which produces dolomite and limestone, and Estanho de Rond&#244;nia SA (ERSA), which mines and casts tin.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Thoroughly developed transport infrastructure. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>We have a thoroughly developed transport infrastructure, from our iron ore mine to our steel mill and to our ports. Our steelworks facility is located next to railroad systems and port facilities, facilitating the supply of raw materials, the shipment of our production and easy access to our principal clients. The concession for the main railroad used and operated by us is owned by MRS, a company in which we hold, directly and indirectly, a 33.27% ownership interest. The railway connects our Casa de Pedra mine to the Presidente Vargas Steelworks and to our terminals at Itagua&#237; Port, which handles our iron exports and most of our steel exports. Since we obtained the concession to operate MRS railway in 1996, we have significantly improved its tracks and developed its business, with strong cash generation. We also own concessions to operate two deep-sea water terminals from which we export our products and import coal and small amounts of coke, which are the only important raw materials that we need to purchase from third parties.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Self-sufficiency in energy generation. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>We are self-sufficient in energy, through our interests in the hydroelectric plants of It&#225; and Igarapava, and our own thermoelectric plant inside the Presidente Vargas Steelworks. We also sell the excess energy we generate in the energy market. Our 238 MW thermoelectric cogeneration plant provides the Presidente Vargas Steelworks with approximately 60% of its energy needs in its steel mills, using as its primary fuel the waste gases generated by our coke ovens, blast furnaces and steel processing facilities. We hold </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a 29.5% stake in the It&#225; Hydroelectric Power Plant, in Santa Catarina, through a 48.75% equity interest in It&#225; En&#233;rgetica S.A.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>, or ITASA. This ownership grants us </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">an installed capacity of 167 MW</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>, proportional to our interests in the project, pursuant to 30-year power purchase agreements at a fixed price per megawatt hour, adjusted annually for inflation. In addition, we own 17.9% of the Igarapava hydroelectric plant, with 210 MW fully installed capacity. We have been using part of our 23 MW take from Igarapava to supply energy to the Casa de Pedra and Arcos mines.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Low cost structure. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>As a result of our fully integrated business model, our thoroughly developed transportation infrastructure and our self-sufficiency in energy generation, we have been consistently generating high margins. Other factors that lead to these margins are the strategic location of our steelworks facility, the use of state of the art technology and our well qualified work force.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Diverse product portfolio and product mix. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>We have a diversified product mix that includes hot-rolled, cold-rolled, galvanized and steel tin mill products, in order to meet a wide range of customer needs across all steel consuming industries. We focus on selling high margin products, such as tin plate, pre-painted, galvalume and galvanized products in our product mix. Our galvanized product provides material for exposed auto parts, using hot-dip galvanized steel and laser-welded blanks. Our CSN Paran&#225; branch provides us with additional capacity to produce high-quality galvanized, galvalume and pre-painted steel products for the construction and home appliance industries. In addition, our subsidiary Prada, the largest flat steel distributor in Brazil, offers a strong sales channel in the domestic market, enabling us to meet demand from smaller customers, thus creating a strong presence in this market.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Strong presence in domestic market and strategic international exposure for steel products. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>We have a strong presence in the domestic market for steel products, with 86% of our steel sales in the domestic market. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010, we accounted for approximately 46% of the market in Brazil for coated steel products and 100% of the market in Brazil for tin mill products. Market share information for 2011 was not yet available as of the date of this annual report. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>In addition, we use our subsidiaries CSN LLC and Lusosider also as sales channels for our products in the United States and in Europe, with 10.0% of our total sales in 2011 and 2010.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Direct e</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>xports accounted for 4% of our total sales.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Strategies&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our goal is to increase value for our shareholders by further benefiting from our competitive cost advantages, maintaining our position as one of the world&#8217;s lowest-cost steel producers, becoming an important iron ore global player, developing our cement business and optimizing our infrastructure assets (including ports, railways and power generating plants). To achieve this goal we developed specific strategies for each of our business segments, as described below.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The strategy for our steel business involves:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A focus on the domestic market, in which we have historically recorded higher profit margins and increased competitiveness, by expanding our market share in flat steels and entering in the long steel market;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Constant pursuit of operational excellence, by implementing cost reduction projects (e.g. pellet plant and energy efficiency) and programs (e.g. internal logistic optimization, inventory reduction, project development and implementation disciplines);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Emphasis on high value-added steel products, such as galvanized, pre-painted and tin-coated steel;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exploring synergies by using our flat steel distribution network and product portfolio to accelerate entrance into the long steel market; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 54pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Increase market share by expanding our services and distribution network.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For information on planned investments relating to our steel activities, see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In order to strengthen our position in the iron ore market, we plan to expand our mining assets, Casa de Pedra and Namisa, and search for investment opportunities, primarily in mines in operation or in an advanced stage of development.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We expect in the next years to reach an annual production level of approximately 89 mtpy of iron ore products, including third party purchases, which represents roughly three times the production observed in 2011, by increasing capacity to 50 mtpy in Casa de Pedra and 33 mtpy in Namisa, thereby strengthening CSN&#8217;s position as an important player in the iron ore worldwide market.</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">To sustain this growth, we will increase capacity in TECAR, our solid bulks terminal in Itaguai Port, from 30 mtpy to 84 mtpy and we are also analyzing the possibility of increasing capacity beyond 84 mtpy. We are also studying seaborne shipping opportunities, focused on increasing our competitiveness in the Asian market.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In order to maximize the profitability of our product portfolio, we will also focus on pellet and pellet-feed, by using Itabirito&#8217;s deposits, investing with strategic partners and clients in pellet capacity. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For information on planned investments relating to our mining activities, see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Logistics&nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We expect to take advantage of and expand our current logistics capabilities, including our integrated infrastructure operations of railways and ports.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition to investments in TECAR, we will strengthen Sepetiba TECON, our container terminal, in order to accommodate larger ships, increasing its capacity and competitiveness by adding services to develop client loyalty.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In terms of railways, we plan to continue the implementation of our Transnordestina project and explore its logistic potential through terminals and regional cargo, focusing on iron ore, agricultural, gypsum and fuel. We also plan to invest in increasing our efficiency and capacity in the south of Brazil through our interest in MRS.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We intend to continue to improve the delivery of our products in the domestic market (mainly steel and cement), with low cost and efficiency by integrating and increasing the use of rail transportation, and by providing more distribution centers.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cement</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our cement business strategy involves the utilization of the limestone reserves in our Arcos mine and the slag generated by CSN&#8217;s blast furnaces in our cement plant in Volta Redonda, inaugurated in 2009, with capacity for producing 2.4 million tons per year. In 2011, CSN also began producing clinker in the Arcos plant with the aim of reducing its production costs. We are evaluating other organic growth initiatives to expand our annual capacity by an additional 3&nbsp;million tons in order to capture the strong growth expected with the Soccer World Cup of 2014 and the Olympic Games in Rio de Janeiro in 2016, in addition to the expected strong pace of construction of new housing units and commercial and infrastructure projects. For information on planned investments relating to our cement activities, see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;.&nbsp; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Additional Investments</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition to the currently planned investments and capital expenditures, we continue to consider possible acquisitions, joint ventures and brownfield or greenfield projects to increase or complement our steel, cement and mining production and logistics capabilities, logistics infrastructure and energy generation.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Steel Segment</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We produce carbon steel, which is the world&#8217;s most widely produced type of steel, representing the vast bulk of global consumption. From carbon steel, we sell a variety of products, both domestically and abroad, to manufacturers in several industries.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 21.6pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following chart reflects our production cycle in general terms.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Presidente Vargas Steelworks produces flat steel products &#8212; slabs, hot-rolled, cold-rolled, galvanized and tin mill products.&nbsp; For further information on our production process, see &#8220;&#8212;Product Process.&#8221; </FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Slabs are semi-finished products used for processing hot-rolled, cold-rolled or coated coils and sheet products.&nbsp; We are able to produce continuously cast slabs with a standard thickness of 250 millimeters, widths ranging from 830 to 1,600 millimeters and lengths ranging from 5,250 to 10,500 millimeters.&nbsp; We produce high, medium and low carbon slabs, as well as micro-alloyed, ultra-low-carbon and interstitial free slabs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Hot-Rolled Products</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Hot-rolled products include heavy and light-gauge hot-rolled coils and sheets. A heavy gauge hot-rolled product, as defined by Brazilian standards, is a flat-rolled steel coil or sheet with a minimum thickness of 5.01 millimeters.&nbsp; We are able to provide coils of heavy gauge hot-rolled sheet having a maximum thickness of 12.70 millimeters used to manufacture automobile parts, pipes, mechanical construction and other products.&nbsp; Light gauge hot-rolled coils and sheets produced by us have a minimum thickness of 1.20 millimeters and are used for welded pipe and tubing, automobile parts, gas containers, compressor bodies and light cold-formed shapes, channels and profiles for the construction industry.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cold-Rolled Products</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cold-rolled products include cold-rolled coils and sheets.&nbsp; A cold-rolled product, as defined by Brazilian standards, is a flat cold-rolled steel coil or sheet with thickness ranging from 0.30 millimeters to 3.00 millimeters.&nbsp; Compared to hot-rolled products, cold-rolled products have more uniform thickness and better surface quality and are used in applications such as automotive bodies, home appliances and construction.&nbsp; In addition, cold-rolled products serve as the base for galvanized and tin mill products.&nbsp; We supply cold-rolled coils in thicknesses of between 0.30 millimeters and 2.99 millimeters.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Galvanized Products</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Galvanized products are comprised of flat-rolled steel coated on one or both sides with zinc or a zinc-based alloy applied by either a hot-dip or an electrolytic process.&nbsp; We use the hot-dip process, which is approximately 20% less expensive than the electrolytic process.&nbsp; Galvanizing is one of the most effective and low-cost processes used to protect steel against corrosion caused by exposure to water and the atmosphere.&nbsp; Galvanized products are highly versatile and can be used to manufacture a broad range of products, such as:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">bodies for automobiles, trucks and buses;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">manufactured products for the construction industry, such as panels for roofing and siding, dry wall and roofing support frames, doors, windows, fences and light structural components;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">air ducts and parts for hot air, ventilation and cooling systems;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">culverts, garbage containers and other receptacles;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">storage tanks, grain bins and agricultural equipment;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">panels and sign panels; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">pre-painted parts.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Galvanized sheets, both painted and bare, are also frequently used for gutters and downspouts, outdoor and indoor cabinets, all kinds of home appliances and similar applications.&nbsp; We produce galvanized sheets and coils in continuous hot-dip processing lines, with thickness ranging from 0.30 millimeters to 3.00 millimeters.&nbsp; The continuous process results in products with highly adherent and uniform zinc coatings capable of being processed in nearly all kinds of bending and heavy machinery.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition to standard galvanized products, we produce </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Galvanew</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#174;, galvanized steel that is subject to a special annealing process following the hot-dip coating process.&nbsp; This annealing process causes iron to diffuse from the base steel into the zinc coating.&nbsp; The resulting iron-zinc alloy coating allows better welding and paint performance.&nbsp; The combination of these qualities makes our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Galvanew</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#174; product particularly well suited for manufacturing automobile and home appliance parts including high gloss exposed parts.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">At CSN Paran&#225;, one of our branches, we produce galvalume, a cold-rolled material coated with a zinc-aluminum alloy.&nbsp; The production process is similar to hot-dip galvanized coating, and galvalume has at least twice the corrosion resistance of standard galvanized steel. Galvalume is primarily used in outdoor construction applications that may be exposed to severe acid corrosion, like marine uses.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The value added from the galvanizing process permits us to price our galvanized products with a higher profit margin.&nbsp; Our management believes that our value-added galvanized products present one of our best opportunities for profitable growth because of the anticipated increase in Brazilian demand for such high margin products.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Through our branch CSN Paran&#225;, we also produce pre-painted flat steel, which is manufactured in a continuous coating line. In this production line, a layer of resin-based paint in a choice of colors is deposited over either cold-rolled or galvanized base materials. Pre-painted material is a higher value-added product used primarily in the construction and home appliance markets.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tin Mill Products</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tin mill products consist of flat-rolled low-carbon steel coils or sheets with, as defined by Brazilian standards, a maximum thickness of 0.45 millimeters, coated or uncoated.&nbsp; Coatings of tin or chromium are applied by electrolytic process.&nbsp; Coating costs place tin mill products among the highest priced products that we sell.&nbsp; The added value from the coating process permits us to price our tin mill products with a higher profit margin.&nbsp; There are four types of tin mill products, all produced by us in coil and sheet forms:</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tin plate - coated on one or both sides with a thin metallic tin layer plus a chromium oxide layer, covered with a protective oil film;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tin free steel - coated on both sides with a very thin metallic chromium layer plus a chromium oxide layer, covered with a protective oil film;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Low tin coated steel - coated on both sides with a thin metallic tin layer plus a thicker chromium oxide layer, covered with a protective oil film; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Black plate - uncoated product used as the starting material for the coated tin mill products.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tin mill products are primarily used to make cans and other containers.&nbsp; With six electrolytic coating lines, we are one of the biggest producers of tin mill products in the world and the sole producer of coated tin mill products in Brazil.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Production</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Production Process</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The principal raw materials for steel production in an integrated steelworks are iron ore, coal, coke, and fluxes like limestone and dolomite. The iron ore consumed at the Presidente Vargas Steelworks is extracted, crushed, screened and transported by railway from our Casa de Pedra mine located in the city of Congonhas, in the State of Minas Gerais, 328 km from the Presidente Vargas Steelworks.&nbsp; The high quality ores mined and sized at Casa de Pedra, with iron content of approximately 60%, and their low extraction costs are major contributors to our low steel production costs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We import all the coal required for coke production b</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ecause Brazil lacks quality coking coals</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. The coal is then charged in coke batteries to produce coke through a distillation process. See &#8220;&#8212;Raw Materials and Suppliers&#8212;Raw Materials and Energy Requirements.&#8221; This coal distillation process also produces coke oven gas as a byproduct, which we use as a main source of fuel for our thermoelectric co-generation power plant. After being screened, coke is transported to blast furnaces, where it is used as a combustion source and as a component for transforming iron ore into pig iron. In 2011, we produced approximately 62% of our coke needs and imported the balance. Coke output was 17% lower compared to 2010, due to a revamping of the gas systems of two coke batteries.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; At sintering plants, fine-sized iron ore and coke or other fine-sized solid fuels are mixed with fluxes (limestone and dolomite) to produce sinter.&nbsp; The sinter, lump iron ore, fluxing materials and coke are then loaded into our two operational blast furnaces for smelting.&nbsp; We operate a pulverized coal injection, or PCI, facility, which injects low-cost pulverized coal directly into the blast furnaces as a substitute for approximately one-third of the coke otherwise required.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The iron ore is reduced to pig iron through successive chemical reactions with carbon monoxide (from the coke and PCI) in the blast furnaces, which operate 24 hours a day.&nbsp; The ore is gradually reduced, then melts and flows downward.&nbsp; Impurities are separated from the iron to form a liquid slag with the loaded fluxes (limestone and dolomite).&nbsp; From time to time, white-hot liquid iron and slag are drawn off from the bottom of the furnace.&nbsp; Slag (containing melted impurities) is granulated and is now being used to produce cement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The molten pig iron is transported to the steelmaking shop by 350-ton capacity torpedo cars and charged in basic oxygen furnaces together with scrap and fluxes.&nbsp; In the basic oxygen furnaces, oxygen is blown onto the liquid burden to oxidize its remaining impurities and to lower its carbon content, thus producing liquid steel.&nbsp; The molten steel is conveyed from the basic oxygen furnaces to the secondary refining equipment (degasser, ladle furnace and Argon Stirring Station).&nbsp; After adjusting the chemical composition, the molten steel is transferred to the continuous casting machines from which crude steel (i.e., rectangular shaped slabs) is produced.&nbsp; A portion of the slab products is sold directly in the export market.</FONT></P></DIV>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In the hot rolling process, reheated slabs from the continuous casting machines are fed into hot strip mills to reduce the thickness of the slabs from 250 millimeters to a range of between 1.2 and 12.7 millimeters.&nbsp; At the end of the hot strip mill, the long, thin steel strip from each slab is coiled and conveyed to a cooling yard.&nbsp; Some hot-rolled </FONT>

coils are dispatched directly to customers in the as-rolled condition.&nbsp; Others are further processed in the pickling line, in a hydrochloric bath, to remove surface oxides and improve surface quality.&nbsp; In 2011, one of the two pickling lines had a 40 day stoppage to allow for the changing of the entire set of pickling tanks. After pickling, the hot-rolled coils selected to produce thinner materials are sent to be rolled in cold strip mills.&nbsp; CSN has three cold strip mills, one of which was revamped in 2011, adding 150,000 tons per year to CSN&#8217;s cold rolling capacity. The better surface characteristics of cold-rolled products enhance their value to customers when compared to hot-rolled products.&nbsp; Additional processing related to cold-rolling may further improve surface quality.&nbsp; Following cold-rolling, coils may be annealed, coated (by a hot dip or electrolytic tinning process) and painted, to enhance medium-and long-term anti-corrosion performance and to add characteristics that will broaden the range of steel utilization.&nbsp; Coated steel products have higher profit margins than bare steel products.&nbsp; Of our coated steel products, tin mill and galvanized products are our highest margin products.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel plant equipment regularly undergoes scheduled maintenance shutdowns.&nbsp; Typically the rolling mills and coating lines are maintained on a weekly or monthly basis whereas the blast furnaces and other special equipment are scheduled for routine maintenance on a semi-annual or annual basis.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our business encompasses operations and commercial activities.&nbsp; Our operations are undertaken by our production sector, which is composed of the following two units:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The operations unit - responsible for steel production operations, repair shops, in-plant railroad, and process development at our Presidente Vargas Steelworks; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The support unit - responsible for production planning, management of product stockyards, energy and utility facilities and work force safety assistance at the Presidente Vargas Steelworks.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The production sector is also responsible for environment and quality consultancy, new product development, capital investment implementation for steel production and processing, and the supervision of CSN Porto Real&#8217;s and CSN Paran&#225;&#8217;s operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Quality Management Program</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We practice Total Quality Management, a set of techniques that have been adopted by many leading companies in our industry. We also maintain a Quality Management System that has been certified to be in compliance with the ISO 9001 standards set forth by the International Standardization Organization, or ISO. &nbsp;In March 1993, we were awarded the ISO 9002 certificate of compliance for the manufacture of several of our products. In April 1996, we were awarded the ISO 9001 certificate of compliance which replaced ISO9002 and included the element of &#8220;design&#8221; in its scope. In April 1998, we were awarded certification of compliance to QS 9000 standards, requirements specific to the automotive industry. Over the years the ISO 9001 certificate has been maintained and renewed, with the most recent renewal to the ISO 9001:2008 version awarded in August 2011, for the design and manufacture of slabs, hot rolled flats, pickled and oiled steel products, cold rolled, galvanized steel products and tin mill products. In June 2004, we were also awarded the automotive industry&#8217;s Technical Specification ISO/TS 16949, for the design and manufacture of hot-rolled, pickled and oiled, cold-rolled and galvanized steel products, which replaced the QS 9000 standards. The most recent renewal to the ISO/TS 16949:2009, third edition, was awarded in September 2011. Some important automotive companies, like Volkswagen, General Motors and Ford, require their suppliers to satisfy the ISO/TS 16949 standards.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Production Output</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth, for the periods indicated, the annual production of crude steel within Brazil and by us and the percentage of Brazilian production attributable to us.</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">CSN % of</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Brazil</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">CSN</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Brazil</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="32%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(In millions of tons)</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">35.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">13.9%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">32.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">14.9%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2009&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">26.5&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4.4&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">16.6%&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2008&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">33.7&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5.0&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">14.8%&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2007&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">33.8&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5.3&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">15.7%&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2006&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">30.9&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3.5 *&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">11.3%&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=7>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">_______________</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=7>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Source: Brazilian Steel Institute (</FONT><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Instituto A&#231;o Brasil</FONT></I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">), or IABr.</FONT></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=7>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">*&nbsp;Lower production due to accident at Blast Furnace No. 3 on January&nbsp;22, 2006. &nbsp;</FONT></P></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center">24</P>

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

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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

<a name="_bclHeader29"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table contains some of our operating statistics for the periods indicated.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Certain Operating Statistics</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2010</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2009</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(In millions of tons)</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(In millions of tons)</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(In millions of tons)</FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Production of: &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Iron Ore&nbsp;*</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">20.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">21.6&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">17.1&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Molten Steel&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">5.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">5.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">4.5</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Crude Steel&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">4.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">4.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">4.4&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Hot-Rolled Coils and Sheets&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">4.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">5.0&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">4.1&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Cold-Rolled Coils and Sheets&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2.5&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2.4&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Galvanized Products&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1.1&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">0.7&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Tin Mill Products&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">0.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">0.7&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="16%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">0.6&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Consumption of Coal for Coke Batteries&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Raw Materials and Suppliers</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The main raw materials we use in our integrated steel mill include iron ore, coke, coal (from which we make coke), limestone, dolomite, aluminum, tin and zinc. In addition, our production operations consume water, gases, electricity and ancillary materials.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Raw Materials and Energy Requirements</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010, prices of our main raw materials increased due to larger post-crisis demand and a strengthening of the steel industry worldwide. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In the first half of 2011, prices of the main raw materials used by CSN continuously increased due to unbalanced supply and demand.&nbsp; In the second half of 2011, prices decreased, mainly due to the&nbsp;worsening of the European crisis.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">These commodity segments are highly concentrated in the hands of a few global players and there can be no assurance that price increases will not be imposed on steel producers in the future.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Iron Ore</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are able to obtain all of our iron ore requirements from our Casa de Pedra mine located in the State of Minas Gerais. For a description of our iron ore segment see &#8220;&#8211; Our Mining Segment.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Coal</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, our metallurgical coal consumption totaled 2.8&nbsp;million tons and accounted for 23% of our production cost. Metallurgical coal includes coking coal and PCI coal, which is a lower grade coal injected into the blast </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">furnaces, in a pulverized form, to reduce coke consumption. The PCI system has reduced CSN&#8217;s need for imported coking coal and coke, thus reducing production costs.&nbsp; In 2011, we used 622,875 tons of imported PCI coal.</FONT></P></DIV>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">During 2011, CSN&#8217;s coking coal and PCI coal costs increased when compared to 2010 because market prices, negotiated on a quarterly basis, were strongly affected by the floods in Australia which reduced coal supply worldwide. The demand for metallurgical coke began to decrease in the fourth quarter due to the financial crisis in Europe and slowdown in China&#8217;s economic growth. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The sources of the coking coal consumed in our plants in 2011 were as follows: USA (51%), Australia (30%), Canada (17%) and Colombia (2%). It is important to mention that Australia&#8217;s participation decreased by 25.8% when compared to 2010.&nbsp; In terms of PCI Coal, the sources were: Russia (54%), Australia (29%) and Venezuela (17%). </FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, in addition to the approximately 1.3&nbsp;million tons of coke we produced, we also consumed 631,197 tons of coke bought from third parties in China, India and Colombia, an increase of 43% as compared to our consumption in 2010, due to maintenance in our coking plant. The demand for coke has been increasing significantly since 2002 because China, a major player in the sea-borne trade, has increased its internal consumption and adopted restrictive export quotas. In addition, India has become a major consumer of coke, considerably increasing its imports in the past years. Due to logistical reasons, China supplies most of India&#8217;s coke and this increase in consumption tightened even more the worldwide supply-demand balance of metallurgical coke. During 2011, market prices for coking coal were strongly affected by weather related supply disruption in Australia and the USA, where some major producers faced difficulties; this situation also affected the coke market price, which increased from April to October 2011. The demand for metallurgical coke began to decrease in the fourth quarter due to the financial crises in Europe and slowdown in China&#8217;s economic growth.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Limestone and Dolomite</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Bocaina mine is located in Arcos, in the State of Minas Gerais, and has been supplying, since the early '70s, limestone (calcium carbonate) and dolomite (dolomitic limestone) to our Presidente Vargas Steelworks in Volta Redonda.&nbsp; These products are used in the process of sintering and calcination.&nbsp; Arcos has one of the biggest and best&nbsp; reserves of limestone in the world, which is used in the production of various products, including cement.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The annual production of limestone and dolomite for our steelworks is approximately 2&nbsp;million tons.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The main products obtained from limestone and dolomite that are transferred to our steelworks in Volta Redonda are:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Limestone and dolomite calcination:&nbsp; with a granulometry between 32 and 76 mm, they are used in the lime plant in Volta Redonda to produce calcitic and dolomitic lime, for further use in the steelmaking process and sintering.&nbsp; At the steelworks, lime is used for chemical controlling of liquid slag, in order to preserve the refractory of the converters and assist in the stabilization of the chemical reactions that occur during the steel manufacturing process. During sintering, the purpose of lime is to increase the performance of this process and the final quality of the sinter that is produced.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Limestone and dolomite sintering: used in the production of &#8220;sinter&#8221;, in our steelworks.&nbsp; The sinter is composed of fine ores, solid fuel and flux, which enable semi-melting and sintering ore.&nbsp; The sinter is used in blast furnaces as a source of iron for the production of pig iron.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Beginning in 2009, with our entry into the cement market, the mine in Arcos also became responsible for supplying limestone for the cement manufacturing process in Volta Redonda.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Aluminum, Zinc and Tin</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Aluminum is mostly used for steelmaking.&nbsp; Zinc and tin are important raw materials used in the production of certain higher-value steel products, such as galvanized and tin plate, respectively.&nbsp; We typically purchase aluminum, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">zinc and tin from third-party domestic suppliers under one year contracts.&nbsp; We maintain approximately 30 and 60 days inventory of zinc/aluminum and tin, respectively, at the Presidente Vargas Steelworks.</FONT></P></DIV>

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<B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other Raw Materials</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In our production of steel, we consume, on an annual basis, significant amounts of spare parts, refractory bricks and lubricants, which are generally purchased from domestic suppliers.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We also consume significant amounts of oxygen, nitrogen, hydrogen, argon and other gases at the Presidente Vargas Steelworks.&nbsp; These gases are supplied by a third-party under a long-term contract from its gas production facilities located on the Presidente Vargas Steelworks site.&nbsp; In 2011, we used 512,293 tons of oxygen to produce 4.9&nbsp;million tons of crude steel.</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Large amounts of water are also required in the production of steel.&nbsp; Water serves as a solvent, a catalyst and a cleaning agent.&nbsp; It is also used to cool, to carry away waste, to help produce and distribute heat and power, and to dilute liquids.&nbsp; Our source of water is the Para&#237;ba do Sul River, which runs through the city of Volta Redonda.&nbsp; Over 85% of the water used in the steelmaking process is recirculated and the balance, after processing, is returned to the Para&#237;ba do Sul River.&nbsp; Since March&nbsp;2003, the Brazilian government has imposed a monthly tax for our use of water from the Para&#237;ba do Sul River, based on an annual fee of approximately US$12.5&nbsp;million.</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steelmaking also requires significant amounts of electricity to power rolling mills, production lines, hot metal processing, coking plants and auxiliary units.&nbsp; In 2011, our Presidente Vargas Steelworks consumed approximately 2.88&nbsp;million MWh of electric energy or 659 kilowatt hours per ton of crude steel.&nbsp; This level means we are one of the largest consumers of electricity in Brazil, accounting for approximately 12% of the overall consumption of electricity in the State of Rio de Janeiro.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our main current source of electricity is our 238 MW thermoelectric co-generation power plant at the Presidente Vargas Steelworks, besides the It&#225; and Igarapava hydroelectric facilities, from which we have a take capacity available of 167 MW and 23 MW, respectively.&nbsp; In addition, CSN is installing a new turbine generator at the Presidente Vargas Steelworks, which will add 17 MW to our existing installed capacity with start-up planned for 2012.&nbsp; This turbine will be located near our Blast Furnace No. 3, using the outlet gases from the iron making process to generate energy.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Natural Gas</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition to electricity, we consume natural gas, mainly in our hot strip mill.&nbsp; Companhia Estadual de G&#225;s do Rio de Janeiro S.A., or CEG Rio, which was privatized in 1997, is currently our major source of natural gas.&nbsp; Variations in the supply of gas can affect the level of steel production.&nbsp; We have not experienced any significant stoppages of production due to a shortage of natural gas.&nbsp; We also purchase fuel oil from Petrobras. In 2011, the Presidente Vargas Steelworks consumed 431,150 dam<SUP>3</SUP> of natural gas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Diesel Oil</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In mid-October&nbsp;2006 and July 2008, we entered into agreements with Companhia Brasileira de Petr&#243;leo Ipiranga, or Ipiranga, to receive diesel oil in order to supply our equipment in our mining plants in the state of Minas Gerais, which provide the iron ore, dolomite and limestone used in our steel plant in Volta Redonda. In 2011, our consumption totaled 61,290 kiloliters of diesel oil, for which we paid US$50.3&nbsp;million.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Suppliers</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We acquire the inputs necessary for the production of our products in Brazil and abroad, with aluminum, zinc, tin, spare parts, refractory bricks, lubricants, oxygen, nitrogen, hydrogen and argon being the main inputs acquired in Brazil.&nbsp; Coal and coke are the only inputs acquired abroad.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our main raw materials suppliers are set forth below:</FONT></P>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Raw Material</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="83%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="83%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">BHP Billiton, Jim Walter Resources, Alpha Natural Resources, Rio Tinto, Marubeni and Jellinbah&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="83%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="83%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Reciclagem Brasileira de Metais Ltda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="83%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Votorantim Metais<SUP> (1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="83%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="83%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Sotreq, P &amp; H Minepro and MTU do Brasil&nbsp;. &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Spare parts&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="83%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Refractory bricks&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="83%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">___________</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1) We depend on Votorantim Metais as it is the only supplier of zinc in Brazil </FONT></P></TD></TR></TABLE></DIV></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel Mill</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Presidente Vargas Steelworks, located in the city of Volta Redonda, in the State of Rio de Janeiro, began operating in 1946.&nbsp; It is an integrated facility covering approximately 4.0 square km and containing five coke batteries (three of which are currently in operation), three sinter plants, two blast furnaces, a basic oxygen furnace steel shop, or BOF shop, with three converters, three continuous casting units, one hot strip mill, three cold strip mills, two continuous pickling lines, one continuous annealing line, three continuous galvanizing lines, four continuous annealing lines exclusively for tin mill products and six electrolytic tinning lines.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our major operational units and corresponding effective capacities as of December&nbsp;31, 2011, including CSN LLC and Lusosider, are set forth in the following chart:</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Effective Capacity</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="70%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Tons</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;<BR></FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">per year</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Equipment</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;<BR></FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">in operation</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,680,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3 batteries&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6,930,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3 machines&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,380,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2 furnaces&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,750,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3 converters&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,600,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3 casters&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,100,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1 mill&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4,700,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6 mills&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,095,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7 lines&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,190,000&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7 lines&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Downstream Facilities</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN Paran&#225;</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our branch CSN Paran&#225; produces and supplies plain regular galvanized, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Galvalume</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#174; and pre-painted steel products for the construction and home appliance industries.&nbsp; The plant has an annual capacity of 330,000 tons of galvanized products and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Galvalume</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#174; products, 100,000 tons of pre-painted products, which can use cold-rolled or galvanized steel as substrate, and 220,000 tons of pickled hot-rolled coils in excess of the coils required for the coating process.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Metalic</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have a 99.99% ownership interest in Cia. Metalic Nordeste, or Metalic.&nbsp; Metalic is one of the few two-piece steel can producers in all the Americas.&nbsp; It has approximately 30% of the packaging market for carbonated drinks in the Northeastern regions of Brazil. Currently, we are Metalic&#8217;s only supplier of the steel used to make two-piece cans.&nbsp; The development of drawn-and-wall-ironed steel for the production of two-piece cans is an important achievement in the production process at the Presidente Vargas Steelworks.</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have a 99.99% ownership interest in Cia. Metal&#250;rgica Prada, or Prada.&nbsp; Established in 1936, Prada is the largest Brazilian steel can manufacturer and has an annual production capacity of over one billion cans in its three industrial facilities located in the states of S&#227;o Paulo, Rio Grande do Sul and Minas Gerais.&nbsp; Currently, we are the only Brazilian producer of tin plate, Prada&#8217;s main raw material, which makes Prada one of our major customers of tin plate products.&nbsp; Prada has important clients in the food and chemical industries, including packages of vegetables, fish, dairy products, meat, aerosols, paints and varnishes, and other business activities.&nbsp; On December&nbsp;30, 2008, we merged one of our subsidiaries, Ind&#250;stria Nacional de A&#231;os Laminados S.A., or INAL, into Prada.&nbsp; INAL was a distributor of laminated steel founded in 1957 and, after the merger, it became a branch of Prada responsible for distribution of Prada&#8217;s products, or Prada Distribui&#231;&#227;o.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Prada Distribui&#231;&#227;o is also the leader in the Brazilian distribution market, with 460,000 tons per year of installed processing capacity.&nbsp; Prada Distribui&#231;&#227;o has two steel service centers and five distribution centers strategically located in Brazil.&nbsp; Its main service center is located in the city of Mogi das Cruzes between the cities of S&#227;o Paulo and Rio de Janeiro.&nbsp; Its product mix also includes sheets, slit coils, sections, tubes, and roofing in standard or customized format, according to clients&#8217; specifications.&nbsp; Prada Distribui&#231;&#227;o processes the entire range of products produced by us and services 4,000 customers annually from the civil construction, automotive and home appliances sectors, among others.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Companhia Siderurgica Nacional, LLC</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN LLC holds the assets of former Heartland Steel, a flat-rolled steel processing facility in Terre Haute, Indiana.&nbsp; This facility has an annual production capacity of 180,000 tons of cold-rolled products and 315,000 tons of galvanized products.&nbsp; Currently, CSN LLC is obtaining hot coils by buying slabs from CSN and then having them converted into hot coils by local steel companies or buying hot rolled coils directly from mills in the United States.&nbsp; See &#8220;Item 4B.&nbsp; Government Regulation and Other Legal Matters&#8212;Anti-Dumping Proceedings&#8212;United States&#8221; for a discussion about anti-dumping issues on Brazilian hot coils exports to the United States.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Lusosider, A&#231;os Planos, S.A.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We own 99.94% of Lusosider, a producer of hot-dip galvanized products and cold-rolled located in Seixal, near Lisbon, Portugal.&nbsp; Lusosider produces approximately 240,000 tons of galvanized products and 50,000 tons of cold-rolled per year.&nbsp; Its main customers include service centers and tube making industries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Inal Nordeste</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Inal Nordeste, or INOR, is a distributor of laminates located in the Northeastern Region.&nbsp; INOR has a service center located in the city of Cama&#231;ari, in the State of Bahia, to support sales in the Northeastern and North regions.&nbsp; On May 30, 2011, INOR was merged into us, allowing for the optimization of processes and operations as well as the reduction of costs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Mining Segment</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our mining activities are one of the largest in Brazil and are mainly driven by the exploration of one of the richest Brazilian iron ore reserves, Casa de Pedra, in the State of Minas Gerais.&nbsp; We sell our iron ore products mainly in Asia, Europe and Brazil with sales and marketing taking place through our principal hubs of Minas Gerais, in Brazil, Austria, Madeira Islands, Portugal and Hong Kong.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Mines</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Location, Access and Operation</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Casa de Pedra</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Casa de Pedra mine is an open pit mine located next to the city of Congonhas in the State of Minas Gerais, Brazil, approximately 80 km south of the city of Belo Horizonte and 360 km north of the city of Rio de Janeiro.&nbsp; The site is approximately 1,000 meters above sea level and accessible from the cities of Belo Horizonte or Congonhas through mostly paved roads.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Casa de Pedra mine is a hematite-rich iron deposit of an early proterozoic banded iron formation in Brazil&#8217;s Iron Ore Quadrangle (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Quadril&#225;tero Ferr&#237;fero</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), which is located in the central part of the State of Minas Gerais in the Southeastern region of Brazil and has been one of the most important iron producing regions in Brazil for the last 50 years.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our iron ore at Casa de Pedra is currently excavated by a fleet composed of Marion 191M electric shovels, P&amp;H 1900AL electric shovels, Komatsu PC5500 hydraulic shovels, wheel loaders (Caterpillar 994F, Komatsu WA1200 and LeTourneau 1850) and then hauled by a fleet of Terex Unit Rig&nbsp;MT3300AC (150 tons), Caterpillar 793D (240 tons) and Terex Unit Rig&nbsp;MT4400AC (240 tons).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Casa de Pedra mine is wholly-owned by us and supplies all of our iron ore needs, producing lump ore, sinter feed and pellet feed fines with high iron content. The maps below illustrate the location of our Casa de Pedra mine:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Namisa</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We own additional iron ore assets through Namisa, our 60% consolidated investee, which acquired CFM (Companhia de Fomento Mineral e Participa&#231;&#245;es) in July 2007. CFM was formed in 1996 with the purpose of utilizing and enhancing the ore treatment facilities of the Itacolomy mines, for the beneficiation of crude ore extracted from the Engenho mine. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Engenho mine is located at the Southwestern region of the Iron Ore Quadrangle, 60 km South of the city of Belo Horizonte. The map below illustrates the location of our Engenho mine:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Fernandinho mine, which we also hold through Namisa, is located in the city of Itabirito, in the State of Minas Gerais. This city is located in the Middle-East region of the State of Minas Gerais and approximately 40 km from the city of Belo Horizonte. The map below illustrates the location of our Fernandinho mine:</FONT></P>

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<IMG id=Imagem91 alt=fp53a src="x12042313270502.jpg" width=327 height=315>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Limestone and Dolomite Mine</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our extraction and preparation of limestone and dolomite is done at our Boca&#237;na mining facility located in the city of Arcos, in the State of Minas Gerais. This mining facility has an installed annual production capacity of approximately 4.0 million tons. We believe this mining facility has sufficient limestone and dolomite reserves to adequately supply our steel production, at current levels, for more than 38 years. The mining facility is located 455 km from the Presidente Vargas Steelworks.</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We own a tin mine in Itapu&#227; do Oeste, in the State of Rond&#244;nia, through our subsidiary Estanho de Rond&#244;nia S.A. (ERSA). This facility has an installed annual production capacity of approximately 3,600 tons of tin, which we use substantially as a raw material to produce tin plate, a coated steel product. A small part of our tin production that is not used as raw material is sold to third parties; however, the results from these sales are insignificant to our consolidated results.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mineral Rights and Ownership</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Mining Code and the Brazilian Federal Constitution impose requirements on mining companies relating to, among other things, the manner in which mineral deposits are exploited, the health and safety of workers, the protection and restoration of the environment, the prevention of pollution and the promotion of the health and safety of local communities where the mines are located.&nbsp; The Mining Code also imposes certain notifications and reporting requirements.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We hold concessions to mine iron ore, limestone and dolomite.&nbsp; We purchase manganese in the local market.&nbsp; Except for Namisa&#8217;s mines, in which we have a 60% ownership interest, we own 100% of each of our mines.&nbsp; In addition, each mine is an &#8220;open pit&#8221; mine.&nbsp; Iron ore extraction, crushing, screening and concentration are done in three different sites:&nbsp; Casa de Pedra (CSN&#8217;s property), Pires Beneficiation Plant and Fernandinho Mine (both Namisa&#8217;s property).</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Casa de Pedra</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our mining rights for Casa de Pedra mine include the mine, a beneficiation plant, roads, a loading yard and a railway branch and are duly registered with the Brazilian Department of Mineral Production (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Departamento Nacional de Produ&#231;&#227;o Mineral</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), or DNPM.&nbsp; DNPM has also granted us easements in 15 mine areas located in the surrounding region, which are not currently part of Casa de Pedra mine.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We believe we have obtained and are in compliance with all licenses and authorizations for our operations and projects at Casa de Pedra mine.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exploration undertaken at the Casa de Pedra mine is subject to mining lease restrictions, which were reflected in our iron ore reserve calculations.&nbsp; Quality requirements (chemical and physical) are the key &#8220;modifying factors&#8221; in the definition of ore reserves at Casa de Pedra and were properly accounted for by us.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mineral Reserves</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth the type of each of our mines, period of operation, projected exhaustion dates and percentage of our interest:</FONT></P></DIV>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Mine</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Type</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Operating Since</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Projected exhaustion date</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">CSN % interest</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD></TR>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Casa de Pedra (Congonhas, Minas&nbsp;Gerais)</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1913&nbsp;</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2041&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">100&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Engenho (Congonhas, Minas&nbsp;Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2007 (Start of operation by Namisa)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2041&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">60&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Fernandinho (Itabirito, Minas&nbsp;Gerais)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2007 (Start of operation by Namisa)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2030&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">60&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=9>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="26%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Bocaina (Arcos, Minas Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1946&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2049&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">100&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth our estimates of proven and probable reserves and other mineral deposits at our mines reflecting the results of reserve studies.&nbsp; They have been calculated in accordance with the technical definitions contained in the SEC&#8217;s Industry Guide 7, and estimates of mine life described herein are derived from such reserve estimates. In the case of the Engenho and Fernandinho mines, where we own 60% of interests, the mineralized material disclosed are for the entire mine, and not just for our proportional interest in the mine.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to the report &#8220;Audit of Ore Reserves for CSN Casa de Pedra Iron Mine&#8221;, prepared by Golder Associates in May 2007, our reserve estimation process is subject to some smoothing, but does not reflect losses for mine dilution and mining recovery. We intend to perform studies regarding those losses during the preparation process for the new reserve audit. Likewise, Namisa&#8217;s estimation process for the Engenho and Fernandinho mines does not reflect losses for mine dilution and mining recovery.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="77%" colSpan=11>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">MINERAL RESERVES AND QUANTITY ESTIMATES FOR MINERALIZED MATERIAL </FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&#8211; As of December&nbsp;31, 2011&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="64%" colSpan=9>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Proven and Probable Reserves(1)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Quantity Estimates for Mineralized Material</FONT></B><SUP><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(2)</FONT></SUP></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Recoverable</FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Mine Name</FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Ore Tonnage</FONT></B><SUP><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(3)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Product</FONT></B><SUP><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(5)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Tonnage</FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">and Location</FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="25%" colSpan=3>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(millions of tons)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Grade(4)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Rock Type</FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(millions of tons)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(millions of tons)</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Proven<SUP>(6)</SUP></FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Probable<SUP>(7)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="13%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Iron: </FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Casa de Pedra(Congonhas,&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Hematite (21%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Minas Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">985&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">514&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">47.79% Fe&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Itabirite (79%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">861</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">8,285</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Engenho&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(Congonhas, Minas Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">46.07%&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Itabirite (100%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">852</FONT></P></TD></TR>

<TR style="HEIGHT: 3.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Fernandinho&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.3pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(Itabirito, Minas Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">40.21%&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Itabirite (100%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">578</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Total Iron: </FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">985</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">514</FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">861</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">9,715</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=13>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(Congonhas, Minas Gerais)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Limestone and Dolomite: </FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Proven<SUP>(6)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Probable<SUP>(7)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Bocaina&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">41.3%CaO&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Limestone (86%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(Arcos, Minas Gerais)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">5.99%MgO&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Dolomite (14%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">155.95</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1,190</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center">33</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face="Times New Roman">__________________</FONT></P>

<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)&nbsp; &nbsp; &nbsp; Reserves means the part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. We do not have reserve audits for the Engenho and Fernandinho. The reserves for the Casa de Pedra mine were audited in 2006 and we have reduced the amount of proven reserves by our annual production since then. <BR>(2)&nbsp; &nbsp; &nbsp; Mineralization that has been sufficiently sampled at close enough intervals to reasonably assume continuity between samples within the area of influence. This material does not yet qualify as a reserve.<BR>(3)&nbsp; &nbsp; &nbsp; Represents ROM material.&nbsp; <BR>(4)&nbsp; &nbsp; &nbsp; Grade is the proportion of metal or mineral present in ore or any other host material.&nbsp; <BR>(5)&nbsp; &nbsp; &nbsp; Represents total product tonnage after mining and processing losses.<BR>(6)&nbsp; &nbsp; &nbsp; Means reserves for which:&nbsp; (i) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and /or quality are computed from the results of detailed sampling; and (ii)&nbsp;the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well- established.<BR>(7)&nbsp; &nbsp; &nbsp; Means reserves for which quantity and grade and/or quality are computed from information similar to that used for proven (measure) reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced.&nbsp; The degree of assurance, although lower than that for proven (measure) reserves, is high enough to assume continuity between points of observation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We do not have audited data for resources estimates, only for reserves estimates. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The metallurgical recovery factor is the proportion of iron in the ore delivered to the processing plant that is recovered by the metallurgical process. In 2011, the metallurgical recovery factor obtained by Casa de Pedra plant was 83.52%. That same factor was 56.34% for the Engenho plant and 58.64% for the Fernandinho plant.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The cutoff grade is the minimum ore percentage that determines which material will be fed in the processing plant. We also plan to perform studies to determine the cutoff grade value during the preparation process for the new audit in Casa de Pedra. In the audit performed in 2006, the Benefit Function considered the lithologies to separate iron from waste. The cutoff grade value for Namisa is also yet to be determined.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The prices used in the 2006 audit for the estimation of Casa de Pedra reserves are shown in the following table (Golder&#8217;s Final Report for the Audit of Ore Reserves for CSN Casa de Pedra Iron Mine, 2007). As shown, the product price we assumed to estimate our reserves is conservative in comparison to the actual three-year average prices.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="98%" colSpan=8>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman">PRICE FOR THE THREE YEARS PRIOR TO THE AUDIT</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="36%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman">Price for the three years prior to the audit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman">Average</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman">Product Price</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="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="36%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman">(US$/t)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman">(US$/t)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#000000 face="Times New Roman">(US$/t)</FONT></P></TD></TR>

<TR style="HEIGHT: 20.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0cm" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #92d050; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">2004</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #92d050; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">2005</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">2006</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #92d050; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">From 2004 to 2006</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #92d050; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">Assumption</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">Lump</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">28.80</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">49.40</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">58.79</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">45.66</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">25.26</FONT></P></TD></TR>

<TR style="HEIGHT: 20.1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;Hematitinha&#8221;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.08</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">28.34</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">35.75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">25.39</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">18.14</FONT></P></TD></TR>

<TR style="HEIGHT: 20.1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">Sinter Feed</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">21.91</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">37.58</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">44.73</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">34.74</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">20.73</FONT></P></TD></TR>

<TR style="HEIGHT: 20.1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">Pellet Feed Fines</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">21.40</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">36.69</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">43.66</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">33.92</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman">20.44</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">NAMISA does not yet have a reserve audit, therefore we have not established prices to estimate reserves for its mines.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Casa de Pedra</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2006, we concluded an extensive, multi-year study of our iron ore reserves at Casa de Pedra. The study consisted of three phases. Phase one, which was completed in 1999, covered the ore bodies that are currently being mined or are close to the current operating open pits.&nbsp; Phase two, which was completed in early 2003, covered the </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">other iron ore deposits at Casa de Pedra site.&nbsp; Phase three started in 2005 and involved a complete revaluation of our mineral reserves at Casa de Pedra.</FONT></P>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We conducted extensive work throughout 2006 to document and classify all information related to both the current and future operations of the Casa de Pedra mine. In 2006, we hired Golder Associates S.A., or Golder, to undertake an independent analysis of the Casa de Pedra iron ore reserves.&nbsp; Golder carried out a full analysis of all available information and has independently validated our reported reserves.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Golder accepts as appropriate the estimates regarding proven and probable reserves made by us, totaling 1,631&nbsp;million tons of iron ore (as of December&nbsp;31, 2006) at a grade of 47.79% Fe and 26.63% SiO2.&nbsp; This new estimate of our iron ore reserves at Casa de Pedra is significantly larger than our estimate of 444&nbsp;million tons, contained in an appraisal report prepared in 2003.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Over the course of the Casa de Pedra Mine&#8217;s life we have executed different drilling campaigns and, in total, we have drilled 91,514.63 meters. The last campaign started in May 2010 and ended in April 2011. In the course of that campaign, we drilled 11,068.65 meters. We are extending our drilling campaign by an additional 30,000 meters to increase and improve our knowledge about the iron ore deposits at Casa de Pedra. This campaign includes the programming of laboratory tests for approximately 1,800 samples and is expected to start in 2012. We will use this new campaign and the 2010-2011 campaign for the new reserve audit, which we expect to conclude drilling by December 2013.&nbsp; We expect to have the new Audit Report ready by early 2014.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Namisa</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">An initial study was conducted at Fernandinho and Engenho mines to define the geological reserves and final pits. In 2008 and 2009, we extended our drilling campaign with an additional 5,179 meters at Engenho mine and 2,771 meters at Fernandinho mine (totaling a campaign of 7,950 meters) to increase and improve our knowledge about the iron ore deposits at these mines. In 2012 and 2013, a new drilling campaign with an additional 10,000 meters in the Engenho Mine and 10,000 meters in the Fernandinho Mine will be conducted. We expect that, as soon as a new model and final pit is finished, this reserve can be audited and may be incorporated&nbsp;into our mineral deposits (approximately in December 2013).</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Casa de Pedra</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Casa de Pedra facilities are located in the city of Congonhas, in the State of Minas Gerais.&nbsp; The Casa de Pedra mine is located 350 km from the Presidente Vargas Steelworks and supplies iron ore products to our steel mill, as well as for export through the Itagua&#237; Port. Casa de Pedra&#8217;s equipment fleet and treatment facilities have an installed annual ROM capacity of approximately 86.0&nbsp;million tons and 22 million tons, respectively. </FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Namisa</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Namisa has two beneficiation plants: one is the Pires Plant, which receives material from our Engenho mine (located at the northern border of the Casa de Pedra mine) and the other is the Fernandinho Plant, which receives material from our Fernandinho mine (located in the city of Itabirito). The beneficiation plant at Pires also processes crude ore acquired from other companies, which along with its own ROM, generates final products such as: lump ore, small lump ore (hematitinha), sinter feed and concentrates. The beneficiation plant at Fernandinho generates sinter feed and fines as final products.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Namisa complements our strategy to be a world leading producer of high quality iron ore.&nbsp; Namisa remains fully integrated with our railway and port logistics corridor, through long-term contracts, which provide sufficient railway and port logistics capacity for Namisa&#8217;s current and future production.&nbsp; Namisa is a leading company in iron ore mining and trading, with mining and processing operations in the State of Minas Gerais. Trading iron ore is obtained from small mining companies in the neighborhood and other trading companies.</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The table below sets forth production of iron ore of our mines for the last three years:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face="Times New Roman">Production<SUP>(1)</SUP></FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face="Times New Roman">2009</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face="Times New Roman">2010</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face="Times New Roman">2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Casa de Pedra (Mt)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">17.4</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">21.6</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">20.1</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Grade (%)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">65.4%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">65.6%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">65.3%</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Pires<SUP> (2)</SUP> (Mt)</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: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">5.2</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: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">6.1</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: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">5.7</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Grade (%)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">63.8%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">62.6%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">62.3%</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Fernandinho<SUP>(2)</SUP> (Mt)</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: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0.5</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: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0.5</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: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0.7</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Grade (%)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">61.5%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">59.6%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">58.6%</FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">In addition to its own production, Namisa also purchases iron ore from third parties. Third party purchase volumes totaled 5.9 million tons, 5.9 million tons and 7.5 million tons&nbsp; in 2009, 2010 and 2011, respectively.<BR></FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(2) Production information considers 100% of the mines, not just our 60% interest.</FONT></P>

<P></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<DIV align=left>

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



<TR style="HEIGHT: 16.5pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #5a5a5a; HEIGHT: 16.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="45%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face="Times New Roman">CSN Consolidated Sales<SUP>(1)</SUP></FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #7f7f7f; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face="Times New Roman">2009</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #7f7f7f; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face="Times New Roman">2010</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #7f7f7f; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=white face="Times New Roman">2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Consolidated Sales (Mt)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">17.5</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">18.6</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">23.8</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Consolidated Net Revenue Per Unit (US$/t)</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: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">49</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: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">98</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: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">135</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;Consolidated sales consider our proportional 60% interest in Namisa.</FONT></P></DIV>

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<P style="TEXT-ALIGN: center">36</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Transportation costs are a significant component of our steel and iron ore production costs and are a factor in our price-competitiveness in the export market.&nbsp; Railway is the main means of transport&nbsp;by which we&nbsp;convey raw materials from our mines to the Presidente Vargas Steelworks and steel and iron ore products to ports for shipment overseas.&nbsp; Iron ore, limestone and dolomite from our two mines located in the State of Minas Gerais are transported by railroad to the Presidente Vargas Steelworks for processing into steel.&nbsp; The distances from our mines to the Presidente Vargas Steelworks are 328 km and 455 km.&nbsp; The distances from our mines to the ports are 440 km and 160 km.&nbsp; Imported coal and coke bought from foreign suppliers are unloaded at the port of Itagua&#237;, 90 km west of the city of Rio de Janeiro, and shipped 109 km by train to the Presidente Vargas Steelworks.&nbsp; Our finished steel products are transported by train, truck and ships to our customers throughout Brazil and abroad.&nbsp; Our most important local markets are the cities of S&#227;o Paulo (335 km from the Presidente Vargas Steelworks), Rio de Janeiro (120 km) and Belo Horizonte (429 km).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Until recently, Brazil&#8217;s railway system (including railcars and tracks) was principally government-owned and in need of repair, but it has now been largely privatized.&nbsp; In an attempt to increase the reliability of our rail transportation, we hold interests in companies that hold concessions for the main railway systems we use.&nbsp; For further information on our railway concessions, see &#8220;&#8212;Facilities&#8212;Railways.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We export iron ore and import coal and coke through the Itagua&#237; Port, in the State of Rio de Janeiro. The coal and container terminals have been operated by us since August&nbsp;1997 and 1998, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Logistics Segment</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Our logistics segment is comprised of railway and port facilities.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Southeastern Railway System</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">MRS has a 30-year concession to operate, through the year 2026 and renewable for an equal&nbsp;period&nbsp;of&nbsp;30&nbsp;years,&nbsp;Brazil&#8217;s Southeastern railway system.&nbsp; As of December&nbsp;31,&nbsp;2011,&nbsp;we&nbsp;held directly and indirectly 33.27% of MRS&#8217; total capital. The Brazilian Southeastern railway system, with 1,643 km of track, serves&nbsp; the S&#227;o Paulo - Rio de Janeiro - Belo Horizonte industrial triangle in&nbsp; Southeast&nbsp; Brazil,&nbsp; and&nbsp; links&nbsp; our mines located in the State of Minas Gerais&nbsp; to&nbsp; the ports located in the states of S&#227;o Paulo and Rio de Janeiro and&nbsp; to&nbsp; the steel mills of CSN, Companhia Sider&#250;rgica Paulista, or Cosipa, and&nbsp; Gerdau&nbsp; A&#231;ominas.&nbsp;&nbsp; In&nbsp; addition&nbsp; to serving other customers, the line transports&nbsp; iron&nbsp; ore from our mines at Casa de Pedra in the State of Minas Gerais&nbsp; and&nbsp; coke&nbsp; and&nbsp; coal&nbsp; from&nbsp; the Itagua&#237; Port in the State of Rio de Janeiro&nbsp; to&nbsp; the Presidente Vargas Steelworks and transports our exports to the&nbsp; ports&nbsp; of Itagua&#237; and Rio de Janeiro.&nbsp; The railway system connects the Presidente&nbsp;Vargas&nbsp;Steelworks&nbsp;to the container terminal at Itagua&#237; Port, which&nbsp;handles&nbsp;most of our steel exports.&nbsp; Our transport volumes represent approximately&nbsp;29%&nbsp;of&nbsp;the&nbsp;Brazilian&nbsp;Southeastern railway system&#8217;s total volume.&nbsp; We are jointly and severally liable, along with the other principal MRS shareholders, for the full payment of the outstanding amount of its indebtedness (See &#8220;Item 5E.&nbsp; Off-Balance Sheet Arrangements&#8221;), however, we expect that MRS will make the lease payments through internally generated funds and proceeds from financing.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Northeastern Railway System</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2011, we hold 70.91% of the capital stock of Transnordestina Log&#237;stica S.A.. Transnordestina Log&#237;stica S.A. has a 30-year concession granted in 1998, renewable for an equal 30-year period, to operate Brazil&#8217;s Northeastern railway system. The Northeastern railway system includes 4,238 km of track and operates in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte. It also connects with the region&#8217;s leading ports, thereby offering an important competitive advantage through opportunities for intermodal transportation solutions and made-to-measure logistics projects.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For more information on Transnordestina, see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Port Facilities</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Solid Bulks Terminal</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We hold the concession to operate TECAR, a solid bulks terminal, one of four terminals that form the Itagua&#237; Port, located in the State of Rio de Janeiro, for a term expiring in 2022 and renewable for another 25 years.&nbsp; Itagua&#237; Port, in turn, is connected to the Presidente Vargas Steelworks, Casa de Pedra and Namisa by the Southeastern Railway System.&nbsp; Our imports of coal and coke are made through this terminal.&nbsp; Under the terms of the concession, we undertook to load and unload at least 3.0&nbsp;million tons of bulk cargo annually.&nbsp; Among the approved investments that we announced is the development and expansion of the solid bulks terminal at Itagua&#237; to also handle up to&nbsp;84&nbsp;million tons of iron ore per year.&nbsp; For further information, see &#8220;Item 4. Information on the Company - D. Property, Plant and Equipment &#8212;Planned Investments&#8212;Mining.&#8221; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Container Terminal</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We own 99.99% of Sepetiba Tecon S.A., or TECON, which has a concession to operate, for a 25-year term expiring in 2026 that is renewable for another 25 years, the container terminal at Itagua&#237; Port.&nbsp; As of December&nbsp;31, 2011, US$177&nbsp;million of the cost of the concession remained payable over the next 15 years of the concession.&nbsp; For more information, see &#8220;Item 5E. Off-Balance Sheet Arrangements&#8221;.&nbsp; The Itagua&#237; Port is located in the heart of Brazil&#8217;s Southeast Region, with all major exporting and importing areas of the states of S&#227;o Paulo, Minas Gerais and Rio de Janeiro within 500 km from the port.&nbsp; This area represents more than 60% of the Brazilian gross domestic product, or GDP, according to the Brazilian Geography and Statistics Institute (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Instituto Brasileiro de Geografia e Estat&#237;stica</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">).&nbsp; The Brazilian Federal Port Agency has spent more than US$48&nbsp;million in the past few years in port infrastructure projects such as expanding the maritime access channel and increasing its depth. In addition, significant investments were made by the Brazilian federal government in adding two extra lanes to the Rio-Santos road, and are being made in constructing the Rio de Janeiro Metropolitan Bypass, a beltway that will cross the Rio de Janeiro metropolitan area, to be concluded by the end of 2012.&nbsp; Also, MRS railway is investing in an extra rail track to the Itagua&#237; Port. These investments,&nbsp;together with favorable natural conditions, like natural deep waters and a low urbanization rate around the port area, allow the operation of large vessels and the maintenance of highly competitive prices for all services rendered. All of these factors have made the terminal a major hub port in Brazil.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Investments made from 2007 to 2011, mainly in two Super Post Panamax Portainers and two Rubber Tired Gantry, or RTG, cranes and 6 new Reach Stackers, among others, have shown to be successful.&nbsp; These investments, along with a focused marketing and sales strategy, enabled the terminal to rank first in market share among the three terminals of the state of Rio de Janeiro in 2011, with 40% of the total moves in those terminals.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We plan to carry out new infrastructure and equipment investments in Sepetiba TECON, such as the Berth 301 Equalization, two new Super Post Panamax Portainers and four new RTG cranes to yard operations. We are also currently investing in dredging Sepetiba Tecon&#8217;s Berths 302/303 and access channel to &#8209;15.5 m depth. These investments will increase TECON&#8217;s capacity from 320,000 containers (or 480,000 TEUs) to 410,000 containers (or 610,000 TEUs) per year and from 2.0&nbsp;million tons to 6.0 million tons per year of steel products.&nbsp; We intend to use this port to ship all our exports of steel products.&nbsp; In 2011, 83% of our exported steel products (or 320,963 tons), were shipped from this port, as compared to 69% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010, the terminal experienced a 27% growth in units handled, following the global downturn of 2008 and 2009. In 2011 it continued to grow, reaching 216,311 units handled (or 322,680 TEUS), an increase of 10% over 2010.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Cement Segment</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Our cement segment is comprised of a cement plant in Volta Redonda, in the state of Rio de Janeiro, and a clinker plant in Arcos, in the state of Minas Gerais.</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The production process in CSN&#8217;s cement factory in Volta Redonda begins with the influx of raw materials: clinker, limestone, gypsum and slag. We currently import clinker, but, with the startup of our clinker plant in Arcos, in mid-2011, imports are gradually being reduced.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Limestone comes from Arcos by rail. Clinker is stored in a silo (capacity: 45,000 tons) and limestone in a warehouse (capacity: 10,000 tons). Slag is a by-product of iron and steel, produced in the blast furnace, and is also stored in the warehouse (capacity: 20,000 tons), arriving at the plant by road. CSN uses natural gypsum, from Ouricuri, in the state of Pernambuco, which arrives at the plant by truck and is stored in the warehouse (capacity: 10,000 tons). </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">All transportation of raw materials within the plant is carried out by conveyor belts, placing inputs in scales according to a predefined formula and delivering them to the mills. There are two grinding lines and each mill has a nominal capacity of 170 tons/h. Annual plant capacity is 2.4 million tons of cement. The mill has a hydropneumatic roller system, which uses pressure to grind the layer of material on the turntable. Hot gas, derived from the combustion of natural gas or petroleum coke, is pumped into the mills to maintain the proper temperature in the circuit. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The type of cement we produce is CP III-40 RS (Sulfator resistant), which is then taken through a bucket elevator to be stored in silos. The plant has four silos, two of them with 10,000 tons of capacity and two with 5,000 tons of capacity. Cement can be shipped </FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face="Times New Roman">in bagged and bulk forms</FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">. We have two baggers with 12 filling nozzles (nominal capacity of 3600 bags/hour) and two palletizers for bagging cement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Energy Segment</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our energy segment is comprised of generation plants and is aimed at enabling us to maintain our self-sufficiency in energy, reducing our production cost and our exposure to fluctuations or availability of certain energy sources.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our energy related assets include:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Thermoelectric Co-Generation Power Plant</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We completed the construction of a 238 MW thermoelectric co-generation power plant at the Presidente Vargas Steelworks in December&nbsp;1999.&nbsp; Since October&nbsp;2000, the plant has provided the steelworks with approximately 60% of the electric energy needed in its steel mills. Aside from operational improvements, the power plant supplies our strip mills with electric energy, processed steam and forced air from the blast furnaces, benefiting the surrounding environment through the elimination of flares that burn steel-processing gases into the atmosphere.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">It&#225; Hydroelectric Facility</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tractebel and CSN each owns 48.75% of ITASA, a special-purpose company formed for the purpose of owning and operating, under a 30-year concession granted in 2000 and renewable for an equal term, 60.5% of the It&#225; hydroelectric facility on the Uruguay river in Southern Brazil. Companhia de Cimento Itamb&#233;, or Itamb&#233;, owns&nbsp; the remaining 2.5% of ITASA. Tractebel directly owns the remaining 39.5% of the It&#225; hydroelectric facility.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The power facility was built using a project finance structure with an investment of approximately US$860&nbsp;million.&nbsp; The long-term financing for the project was closed in March&nbsp;2001 and consisted of US$78&nbsp;million in debentures issued by ITASA, a US$144&nbsp;million loan from private banks and US$116&nbsp;million of direct financing from BNDES, all of which are due by 2013. The sponsors of the project have invested approximately US$306&nbsp;million in this project.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">It&#225; has an installed capacity of 1,450 MW, with a firm guaranteed output of 668 MW, and became fully operational in March&nbsp;2001.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We and the other shareholders of ITASA have the right to take our pro rata share (proportionally to our ownership interest in the project) of It&#225;&#8217;s output pursuant to 30-year power purchase agreements at a fixed price per megawatt hour, adjusted annually for inflation. Since October&nbsp;2002, we have been using our entire It&#225; take internally.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Igarapava Hydroelectric Facility</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We own 17.9% of a consortium that built and has the right to operate for 30 years the Igarapava hydroelectric facility.&nbsp; Other consortium members are Vale, Companhia Mineira de Metais, Votorantim Metais Zinco, AngloGold Ashanti Minera&#231;&#227;o Ltda., and Companhia Energ&#233;tica de Minas Gerais, or CEMIG. The plant </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">has&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> an installed capacity of 210 MW, corresponding to 136 MW of firm guaranteed output as of December&nbsp;31, 2011.&nbsp; We have been using part of our 22.8 MW take from Igarapava to supply energy to the Casa de Pedra and Arcos mines and to the Presidente Vargas Steelworks.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Marketing Organization and Strategy</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our steel products are sold both domestically and abroad as a main raw material for several different manufacturing industries, including the automotive, home appliance, packaging, construction and steel processing industries.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our sales approach is to establish brand loyalty and achieve a reputation for quality products by developing relationships with our clients and focusing on their specific needs, providing tailor-made solutions for each of our clients.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our commercial area is responsible for sales of all of our products.&nbsp; This area is divided into two major teams, one focused on international sales and the other on domestic sales.&nbsp; The domestic market oriented sales team is divided into seven market segments:&nbsp; Packaging, Distribution Network, Automotive Industry (Automakers and Auto Parts), Home Appliances, Original Equipment Manufacturer, or OEM, Construction and Pipes. The commercial area also has a team called &#8220;Special Sales&#8221; which is responsible for selling all the process residues, such as blast furnace slag, pitch and ammonia, which are widely used as inputs in chemical and cement industries. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Distribution Network division is responsible for supplying large steel processors and distributors. Besides the independent distributors, CSN also has its own distributor, called Prada Distribui&#231;&#227;o. The Pipes division supplies oil and gas pipe manufacturers as well as some industries that produce small diameter pipe and light profiles.&nbsp; The Packaging unit acts in an integrated way with suppliers, representatives of the canning industry and distributors to respond to customer needs for finished-products.&nbsp; The Automotive unit is supplied by a specialized mill, CSN Porto Real, and also by a portion of the galvanized material produced at Presidente Vargas Steelworks, benefitting from a combined sales strategy.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, about 65% of our domestic sales were made through our own sales force directly to customers.&nbsp; The remaining sales were to independent distributors for subsequent resale to smaller clients.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Historically, our export sales were made primarily through international brokers.&nbsp; However, as part of our strategy to establish direct, longer-term relationships with end-users, we have decreased our reliance on such brokers.&nbsp; We have focused our international sales on more profitable markets in order to maximize revenues and shareholder returns.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">All of our sales are on an order-by-order basis and have an average delivery time of 45&nbsp;days.&nbsp; As a result, our production levels closely reflect our order log book status.&nbsp; We forecast sales trends in both the domestic and export markets based on the historical data available from the last two years and the general economic outlook for the near future. We have our own data systems to remain informed of worldwide and Brazilian market developments.&nbsp; Further, our management believes that one of the keys to our success is maintaining a presence in the export market.&nbsp; Such presence gives us the flexibility to shift between domestic and export markets, thereby allowing us to maximize our profitability.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Unlike with other commodity products, there is no exchange trading of steel, or uniform pricing, as wide differences exist in terms of size, quality and specifications.&nbsp; In general, exports are priced based on international spot prices of steel at the time of sale in U.S. dollars or Euros, depending on the destination.&nbsp; Sales are normally paid up front, or within 14 or 28&nbsp;days, and, in the case of exports, usually backed by a letter of credit and an insurance policy. Sales are made primarily on cost and freight terms.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Sales by Geographic Region</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, we sold steel products to customers in Brazil as well as to customers in 30 other countries.&nbsp; The fluctuations in the portion of total sales assigned to domestic and international markets, which can be seen in the table below, reflect our ability to adjust sales in light of variations in the domestic and international economies, as well as steel demand and prices, both domestically and abroad.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The&nbsp;two main export markets for our products are Europe and North America, representing 45% and 40%, respectively, of our export sales volume in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In North America, we take advantage of our subsidiary CSN LLC, which acts as a commercial channel for our products.&nbsp; In order to gain a cost advantage among our U.S. competitors, CSN is able to export hot-rolled to CSN LLC which is then processed and transformed into more value-added products at CSN LLC&#8217;s plant, such as cold-rolled coil and galvanized.&nbsp; Moreover, we are able to export cold-rolled coils which can be directly sold or processed by CSN LLC in order to manufacture galvanized products. </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">CSN &#8211; Sales of Steel Products by Destination</FONT></P></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=top width="100%" colSpan=13>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">(In thousands of metric tons and millions of R$)</FONT></I></P></DIV></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%" colSpan=4>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">2010</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%" colSpan=4>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">2009</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 37.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Tons</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">% of Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">Net Operating Revenues<SUP>(2)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">% of Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Tons</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">% of Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Net Operating Revenues<SUP>(2)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">% of Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Tons</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">% of Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Net Operating Revenues<SUP>(2)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">% of Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">4.216</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">86.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">8.033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">86.8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">4.135</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">86.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">8.575</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">88.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">3.243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">78.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">6.77</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">85.8</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Export</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">680</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">13.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">1.219</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">13.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">661</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">13.8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">1.107</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">11.4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">867</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">21.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">1.124</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">14.2</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">4.896</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">100.0</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">9.252</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">100.0</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">4.796</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">100.0</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">9.682</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">100.0</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">4.110</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">100.0</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">7.894</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">100.0</FONT></B></P></TD></TR>

<TR style="HEIGHT: 18pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Exports by Region</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Asia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">0.4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">31</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">0.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">28</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">0.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">38</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">0.4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">259</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">6.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">249</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">3.9%</FONT></P></TD></TR>

<TR style="HEIGHT: 18pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">North America<SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">270</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">5.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">473</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">5.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">268</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">5.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">434</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">4.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">5.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">307</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">3.9%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Latin America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">58</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">1.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">144</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">1.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">56</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">1.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">136</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">1.4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">55</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">1.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">115</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">1.5%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">312</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">6.4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">545</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">5.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">277</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">5.8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">434</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">4.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">290</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">7.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">411</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">5.2%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">All Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">0.4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">27</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">0.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">0.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">65</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">0.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">0.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">42</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">0.5%</FONT></P></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">_______________</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 2pt 0cm 6pt 18pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;Sales to Mexico are included in North America.</FONT></P>

<P style="TEXT-INDENT: -13.5pt; MARGIN-LEFT: 13.5pt; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2)&nbsp;Total net operating revenues presented above differ from amounts in our IFRS consolidated&nbsp; financial statements because they do not include revenues from non-steel products (non-steel products include mainly by-products, iron ore, logistics services and cement), which in 2011&nbsp;were R$7,267 &nbsp;million and in 2010&nbsp;were R$4,769&nbsp;million.</FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Sales by Product </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth our market shares for steel sales in Brazil of hot-rolled, cold-rolled, galvanized and tin mill products for 2010, 2009 and 2008. Market Share information for 2011 was not yet available as of the date of this annual report. The data of 2008 and 2009 were filled based on IABr </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Instituto A&#231;o Brasil)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and 2010 considered internal data gathered by CSN. </FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center">41</P>

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

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 1.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="53%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">CSN Domestic Market Share</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2008</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="53%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">36.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">33.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">34.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="53%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">27.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">29.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">26.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="53%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">45.8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">47.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">46.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="53%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">100.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">98.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 1.4pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">99.0%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;</FONT></I><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Sales by Industry</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We sell our steel products to manufacturers in several industries.&nbsp; The table below shows our domestic shipments breakdown by volume for the last three years among our market segments:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Sales by Industrial Segment in Brazil</FONT></I></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="45%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(In percentages of total domestic volume shipped)</FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">38%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">38%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">30%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">12%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">13%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">14%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">20%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">23%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">28%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Home Appliances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">7%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">15%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">12%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">11%</FONT></P></TD></TR>

<TR style="HEIGHT: 7.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 7.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 7.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 7.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 7.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We believe we have a particularly strong domestic and export position in the sale of tin mill products used for packaging.&nbsp; Our customers for these products include some of the world&#8217;s most important food processing companies, as well as many small and medium-sized entities.&nbsp; We also maintain a strong position in the sale of galvanized products for use in the automobile manufacturing, construction and home appliance industries in Brazil and abroad, supplied by CSN Porto Real and CSN Paran&#225;.&nbsp; No single customer accounts for more than 10% of our net operating revenues.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For further information on steel sales, see &#8220;Item 5A.&nbsp; Operating Results - Steel Markets and Product Mix - Sales Volume and Net Operating Revenues by Steel Products and Markets&#8221; and &#8220;Item 5A.&nbsp; Operating Results - Results of Operations - Year 2011 Compared to Year 2010 &#8211; Net Operating Revenues&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Seasonality</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We do not experience seasonality and our production is continuous during the year.</FONT></P></DIV>

<DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Iron Ore </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Iron ore products are commercialized by our commercial team located in Brazil and overseas.&nbsp; In Europe and Asia, our offices also include our technical assistance management.&nbsp; These three marketing units allow us to stay in close contact with our customers worldwide, understand the environment where they operate, monitor their requirements and provide all necessary assistance in a short period of time.&nbsp; Domestic sales, market intelligence analysis, planning and administration of sales are handled from Brazil by the staff in our Nova Lima office, which is located approximately 70 km from the Casa de Pedra mine, in the State of Minas Gerais.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">We supply our iron ore to the steel industry and our main targets are the Brazilian, European, Middle Eastern and Asian markets.&nbsp; Prevailing and expected levels of demand for steel products directly affect demand for iron ore.&nbsp; Demand for steel products is correlated to many factors, such as GDP, global manufacturing production, urbanization, civil construction and infrastructure spending.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">We believe our competitiveness has been improved by our customer service and market intelligence.&nbsp; It is paramount for us to have a clear understanding of our customers&#8217; businesses in order to address their needs, surpass their expectations and build long-term relationships.&nbsp; We have a customer-oriented marketing policy and specialized local personnel in direct contact with our clients to help determine the mix that best suits each particular customer.</FONT></P></DIV>

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<P style="TEXT-ALIGN: center">42</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face="Times New Roman">Iron Ore Sales</FONT></I></P>

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



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="94%" colSpan=13>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 6pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN &#8211; Sales of Iron Ore Products by Destination<BR></FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(In thousands of metric tons and millions of R$)</FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=4>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">2011</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=4>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">2010</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=4>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">2009</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Tons</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">% of Total</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Net Operating Revenues<SUP>)</SUP></FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">% of Total</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Tons</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">% of Total</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Net Operating Revenues<SUP>)</SUP></FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">% of Total</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Tons</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">% of Total</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Net Operating Revenues</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">% of Total</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">1,457,381</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">6.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">834,144</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">14.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">1,519,562</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">8.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">573,976</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">15.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">713,270</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">4.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">247,490</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">12.6%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 40.8pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Export</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">22,392,132</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">93.9%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">5,107,707</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">86.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">17,035,422</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">91.8%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">3,041,166</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">84.1%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">16,765,567</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">95.9%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">1,716,050</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">87.4%</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">23,849,513</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">100%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">5,941,851</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">100%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">18,554,984</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">100%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">3,615,142</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">100%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">17,478,837</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">100%</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">1,963,540</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">100%</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 12pt 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Exports by Region</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 12pt 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 12pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 12pt 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 12pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 12pt 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 12pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 12pt 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 12pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 12pt 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 12pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 12pt 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; HEIGHT: 9.9pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 12pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Asia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">18,815,484</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">84.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">4,250,002</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">83.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">14,140,642</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">83.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">2,513,499</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">82.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">13,420,063</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">80.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">1,368,608</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">79.8%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">North America<SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">483,754</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">2.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">79,426</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">4.6%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Latin America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">3,576,648</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">16.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">857,705</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">16.8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">2,894,780</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">17.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">527,667</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">17.4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">2,861,749</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">17.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">268,016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">15.6%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">All Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">0.0%</FONT></P></DIV></TD></TR>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">The first step to our entry into the international iron ore market was taken in February&nbsp;2007, with the completion of the first phase of the expansion of our coal seaport terminal in Itagua&#237;, in the State of Rio de Janeiro, which enabled us to also handle and export iron ore and to load from our own facilities the first shipment of our iron ore products.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, CSN&#8217;s iron ore sales reached 23.8 million tons, a 29% increase compared to 2010. According to our consolidated financial statements, total mining revenue increased by 64% over the past&nbsp;year, due to rising iron ore prices as well as the increase in sales volume. The share of mining revenue in CSN's total net revenue increased from 24% in 2010 to 35% in 2011.</FONT><STRIKE><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#002060 face="Times New Roman"> </FONT></STRIKE></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, the Chinese market accounted for 33% of our export sales, followed by Japan (23%), the Middle East (20%) and Europe (16%).&nbsp;While 83% of our sinter feed was directed to Asia, 72% of our lump ore went to China, and 94% of our pellet feed and 73% of our concentrated was consumed by Europe and the Middle East.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">We expect the iron ore market to maintain a bullish trend supported by growing emerging market demand, high cost Chinese production, and infrastructure bottlenecks for low cost producers. The continued urbanization process in regions such as India, the Middle East, Latin America and China should support this tendency.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">As global iron ore markets are highly competitive, we focus on our flexibility, reliability and efficient manner of supplying iron ore to the world market.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Through our marketing offices, we have long term relationships with most players in the steel industry in China, Japan, Taiwan, South Korea, Europe and Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">For further information on iron ore sales, see &#8220;Item 5A.&nbsp; Operating Results - Results of Operations - Year 2011 Compared to Year 2010 &#8211; Net Operating Revenues.&#8221;</FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Cement</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face="Times New Roman">We sell cement type CPIII 40 RS in bagged and bulk forms. We operate in the markets of Rio de Janeiro, Minas Gerais and S&#227;o Paulo. With the purpose of expanding and increasing competitiveness, we own six&nbsp; distribution centers located in strategic points: three in S&#227;o Paulo, two in Rio de Janeiro and one in Minas Gerais. Supply to these distribution centers is made through railways and road transport, using mainly the MRS railway.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face="Times New Roman">We have a diverse client base of over 8,000 clients, including construction material stores, home centers, concrete producers, construction companies, mortar industries and cement artifact producers.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face="Times New Roman">The focus of our sales strategy is on retail. In this segment, we have a strong presence in sales points, where we reinforce the quality of the product to final customers. The retail segment operates with a low level of inventory, and a significant percentage of repurchase in the month, which highlights the competitive advantage of CSN&#8217;s distribution centers.</FONT></P></DIV>

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<P style="TEXT-ALIGN: center">43</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">In 2011, we significantly increased our sales, reaching 1,755 thousand tons, representing a growth of 76.9% when compared to 2010.</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="94%" colSpan=13>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 0.7pt; MARGIN: 0cm 0cm 6pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN &#8211; Sales of Cement by Destination<BR></FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(In thousands of metric tons and millions of R$)</FONT></I></P></TD></TR>

<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=4>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=4>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2010</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2009</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Tons</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">% of Total</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Net Operating Revenues</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">% of Total</FONT></B></P></DIV></TD>

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   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Tons</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">% of Total</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Net Operating Revenues</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">% of Total</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Tons</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">% of Total</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Net Operating Revenues</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">% of Total</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Brazil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1,755</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">100</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">333</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">100</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">992</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">100</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">202</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">100</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">338</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">100</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">60</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">100</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 40.8pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Export</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">-</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1,755</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">100</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">333</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=top width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">100</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">992</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">100</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">202</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">100</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">338</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">100</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">60</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>

   <DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">100</FONT></B></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Insurance</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">We and our subsidiaries maintain several types of insurance policies. These insurances are contracted in line with the risk management of our business and attempt to follow the market practices for similar activities. Coverage in such policies encompasses domestic and international (import and export) cargo transport (by road, rail, sea or air), carrier liability, life insurance, personal accidents, health, auto insurance, D&amp;O, general liability, erection risks, boiler and machinery coverage, export credit insurance, surety, ports and terminal liabilities. These policies may not be sufficient to cover all risks we are exposed to. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">We also have an insurance policy covering the operational risks, material damages and loss of profits of the following CSN&#8217;s branches and subsidiaries: Presidente Vargas Steelworks, Casa de Pedra Mine, Arcos Mine, Paran&#225; Branch, CSN Porto Real (former Galvasud), Coal Terminal TECAR, Container Terminal TECON, Namisa, CSN Export Europe, CSN Europe and CSN Cimentos. This policy was negotiated with domestic and foreign insurers and reinsurers and is valid until June 30, 2012 for a total insured value of R$850 million (out of a total risk amount of R$25.1 billion). Under the terms of the policy, CSN remains responsible for the first tranche of R$170 million in losses (material damages and loss of profits) and for 53.55% percent of the losses above such amount. We continue to analyze alternatives to further reduce our co-responsibility.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Intellectual Property</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We possess patents and have technical cooperation agreements with universities and research institutes that provide us with special technical reports and advice related to specific products and processes. We are not dependent on any of such patents or agreements for the commercialization of our products. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Competition in the Steel Industry </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Both the worldwide and the Brazilian steel markets are intensely competitive.&nbsp; The primary competitive factors in these markets include quality, price, payment terms and customer service.&nbsp; Further, continuous advances in materials, sciences and resulting technologies have given rise to improvements in products such as plastics, aluminum, ceramics, glass and concrete, permitting them to serve as substitutes for steel for certain purposes.</FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Competition in the Brazilian Steel Industry</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The primary competitive factors in the domestic market include quality, price, payment terms and customer service.&nbsp; Also, several foreign steel companies are significant investors in Brazilian steel mills.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth the production of crude steel by Brazilian companies for the years indicated (&#179;):</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom colSpan=3>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom colSpan=3>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2008</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

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

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(In million</FONT></I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">tons)&nbsp;</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(In million</FONT></I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">tons)&nbsp;</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(In million</FONT></I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">tons)&nbsp;</FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Gerdau<SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6.1&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">8.7&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7.3&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5.6&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">8.0&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">ArcelorMittal Tubar&#227;o</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6.0&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5.3&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6.2&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4.9&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4.4&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5.0&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">ArcelorMittal A&#231;os Longos&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">-<SUP>(2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3.2&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3.5&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">-</FONT><SUP><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(2)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.9&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2.3&nbsp;</FONT></P></TD></TR>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">32.8</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">26.5</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">33.7</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Source: IABr</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Data from A&#231;os Villares have been merged into data from Gerdau. &nbsp;</FONT></P>

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">2.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Data not available</FONT></P>

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt"><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">3.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 7pt">Information for 2011 was not yet available as of the date of this annual report </FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 54pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Competitive Position &#8212; Global</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">During 2011, Brazil maintained its place as the largest producer of crude steel in Latin America, with a production output of 35.2&nbsp;million tons and a 2.3% share of total world production, according to data from the World Steel Association (WSA).&nbsp; In 2011, Brazil also maintained its position as the ninth largest steel producer globally, accounting for around two-thirds of total production in Latin America, approximately twice the size of Mexico&#8217;s or 40% of the U.S.&#8217; steel production, according to data from the World Steel Association (WSA).&nbsp; According to IABr, Brazilian exports in 2011 amounted to 9.3&nbsp;million tons of finished and semi-finished steel products.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We compete on a global basis with the world&#8217;s leading steel manufacturers.&nbsp; We have positioned ourselves in the world market with a product mix characterized by high margin and strong demand, such as tin plate and galvanized products.&nbsp; We have relatively low-cost and sufficient availability of labor and energy, and own high-grade iron ore reserves.&nbsp; These global market advantages are partially offset by costs of transporting steel throughout the world, usually by ship.&nbsp; Shipping costs, while helping to protect our domestic market, put pressure on our export price.&nbsp; To maintain our position in the world steel market in light of the highly competitive international environment with respect to price, our product quality and customer service must be maintained at a high level.&nbsp; We have continually monitored the quality of our products by measuring customer satisfaction with our steel in Europe, Asia and the Americas.&nbsp; See &#8220;Item 4B.&nbsp; Business Overview&#8212;Government Regulation and Other Legal Matters&#8212;Proceedings Related to Protectionist Measures&#8221; for a description of protectionist measures being taken by steel-importing countries that could negatively impact our competitive position.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Competitive Advantages of the Brazilian Steel Industry</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil&#8217;s principal competitive advantages are its abundant supply of low-cost, high-grade iron ore and energy resources. Brazil also benefits from a vast internal market with a large growth potential, a privatized industry making investments in plant and equipment, and deep water ports allowing the operation of large ships, which facilitates access to export markets.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazilian domestic steel prices have historically been higher than its export prices. However, in 2010 and 2011, lower demand in mature markets, the appreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> against the U.S. dollar, certain tax incentives, and imported steel products forced Brazilian producers to adjust prices closer to export price levels in order to maintain competitiveness. </FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Government Regulation and Other Legal Matters</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Environmental Regulation</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are subject to Brazilian federal, state and municipal environmental laws and regulations governing air emissions, waste water discharges, and solid and hazardous waste handling and disposal.&nbsp; We are committed to controlling the substantial environmental impact caused by our steelmaking, mining, cement and logistics operations, in accordance with international standards and in compliance with environmental laws and regulations in Brazil.&nbsp; We believe we are currently in substantial compliance with applicable environmental requirements.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">While the Brazilian government has authority to promulgate environmental regulations setting forth minimum standards of environmental protection, state and local governments have the power to enact more stringent environmental regulations. &nbsp;We are subject to regulation and supervision by the Brazilian Ministry of Environment, the Environmental National Council (&#8220;CONAMA&#8221;), which is the Federal body responsible for enacting technical </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">regulations and environmental protection standards, and by the Brazilian Institute of Environment and Renewable Natural Resources (&#8220;IBAMA&#8221;), which is responsible for enforcing environmental laws at the federal level. The environmental regulations of the State of Rio de Janeiro, in which the Presidente Vargas Steelworks is located, are enforced by the State Institute of Environment (&#8220;INEA&#8221;).&nbsp; In the state of Minas Gerais, where our main mining operation is located, we are subject to regulation and supervision by the Environmental Policy Council (&#8220;COPAM&#8221;) and the State Environmental Foundation (&#8220;FEAM&#8221;).&nbsp; Specific goals and standards are established in operating permits or environmental accords issued to each company or plant.&nbsp; These specific operation conditions complement the standards and regulations of general applicability and are required to be observed throughout the life of the permit or accord.&nbsp; The terms of such operating permits are subject to change and are likely to become stricter.&nbsp; All of our facilities currently have operating permits.</FONT></P></DIV>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In recent years, we requested and/or obtained several emissions permits and renewals of environmental permits, both for our current operations and for the development of new projects regarding steel and cement manufacturing, iron ore and limestone mining and logistics, including: (i) the Operating and Recovery Permit for our Presidente Vargas Steelworks; (ii) the construction of the Transnordestina Railroad, to explore railway transportation in the Northeastern region of Brazil; (iii) the operation of a cement mill at Volta Redonda; and (iv) the expansion of the Solid Bulks Terminal of Itagua&#237; Port, in the State of Rio de Janeiro, or TECAR, to 45 million tons per year. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Environmental Expenditures and Claims</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Promoting responsible environmental and social management is part of our business.&nbsp; We prioritize processes and equipment that offer the most modern and reliable technologies on environmental risks monitoring and control.&nbsp; We operate a corporate environmental department managed under an Environmental Management System, or EMS, compliant with ISO 14001:2004 requirements.&nbsp; In addition, we have a committee for environmental management composed of professionals from all departments of CSN&#8217;s units. This committee usually meets every week to discuss any problem that may arise and to identify risks and aspects of the operations in which the group can act pro-actively, in order to prevent possible environmental harm.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Since our privatization, we have invested heavily in environmental protection and remediation programs.&nbsp; We had environmental expenditures (capitalized and expensed) of R$310.6 million in 2011, R$336.0 million in 2010 and R$290.5 million in 2009. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our investments in environmental projects during 2011 were mainly related to: (i) operation, maintenance and retrofitting of environmental control equipment; (ii)&nbsp;development of environmental studies for permit applications and (iii)&nbsp;studies, monitoring and remediation of environmental liabilities due to prior operations, especially before our privatization.&nbsp; In 2011, we had a total of R$311 million in environmental expenditures, of which R$79.8 million was capital expenditures and R$230.8 million was operational expenditures.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010, we signed with the Rio de Janeiro State government a Term of Undertaking, or TAC, that required new investments and studies to retrofit our environmental control equipment at the Presidente Vargas Steelworks. The TAC initially estimated the total amount to be disbursed in connection with implementation of the required projects thereunder to be R$216 million. The initial estimate was updated to R$260 million as we obtained more accurate cost estimates for completion of the projects, a process that continued over the course of 2011. These cost estimates are received as we approach the start of a required project. Although we have not yet concluded the process of obtaining update cost estimates for all projects under the TAC, we expect that investments required will exceed our last estimate.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our main environmental claims as of December&nbsp;31, 2011 were associated with recovery services at former coal mines decommissioned in 1989 in the state of Santa Catarina, and recovery services due to previous operations in our Presidente Vargas Steelworks.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">We record a provision for remediation costs and environmental lawsuits when a loss is probable and the amount can be reasonably estimated. This provision is included in our statements of income in &#8220;Other Operating (Expenses) Income&#8221;. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We do not include in our reserves environmental liabilities related to ERSA, as these are contractually supported by its seller. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">As of December 31, 2011, we had provisions for environmental liabilities in the total amount of R$312.6 million, which we believe are sufficient to cover all probable losses. Such amount compares to R$278.1 million as of December&nbsp;31, 2010, and R$116.5 million as of December 31, 2009. The increase in our provisions for </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">environmental liabilities in 2010 as compared to 2009 and in 2011 as compared to 2010 is mainly due to our conclusion of certain environmental investigations of landfills and corresponding remediation costs, which have been recorded as probable remediation obligations, and certain environmental compensation agreed to in the TAC, which are not related to investments in equipment. The changes in the provision for environmental liabilities on our financial statements are as follows:&nbsp; </FONT></P></DIV>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Amounts</FONT></B></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(in millions of R$)</FONT></I></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">December 31, 2009</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">116.5</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Landfills<SUP>(1)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">116.7</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Term of Undertaking (TAC)<SUP>(2)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">34.7</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Other</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">10.2</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">December 31, 2010</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">278.1</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Landfills<SUP>(1)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">6.2</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Term of Undertaking (TAC)<SUP>(2)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">28.3</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">December 31, 2011</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">312.6</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During 2010 and 2011 we concluded certain environmental investigations of landfills and, therefore, were able to have estimate calculations of remediation costs. We recorded the related provision for those landfills with probable remediation obligations for the respective years. </FONT></P>

<P style="MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refers to environmental compensation agreed in the TAC but not related to investments in equipment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil &#8211; mining regulation</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under the Brazilian Constitution, all mineral resources in Brazil belong to the federal government.&nbsp; The Brazilian Constitution and Mineral Code impose various regulatory restrictions on mining companies relating to, among other things:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the manner in which mineral deposits must be exploited;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the health and safety of workers and the safety of residential areas located near mining operations;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the protection and restoration of the environment;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the prevention of pollution; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the support of local communities where mines are located.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining companies in Brazil can only prospect and mine pursuant to prospecting authorizations or mining concessions granted by the National Department of Mineral Production (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Departamento Nacional de Produ&#231;&#227;o Mineral</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), or DNPM, an agency of the Ministry of Mines and Energy of the Brazilian Government.&nbsp; DNPM grants prospecting authorizations to a requesting party for an initial period of one to three years.&nbsp; These authorizations are renewable at DNPM&#8217;s discretion for another period of one to three years, provided that the requesting party is able to show that the renewal is necessary for proper conclusion of prospecting activities.&nbsp; On-site prospecting activities must start within 60&nbsp;days of official publication of the issuance of a prospecting authorization.&nbsp; Upon completion of prospecting activities and geological exploration at the site, the grantee must submit a final report to DNPM.&nbsp; If the geological exploration reveals the existence of a mineral deposit that is economically exploitable, the grantee has one year (which DNPM may extend) from approval of the report by DNPM to apply for a mining concession or to transfer its right to apply for a mining concession to an unrelated party.&nbsp; When a mining concession is granted, the </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">holder of the concession must begin on-site mining activities within six months.&nbsp; DNPM grants mining concessions for an indeterminate period of time lasting until the exhaustion of the mineral deposit.&nbsp; Extracted minerals that are specified in the concession belong to the holder of the concession.&nbsp; With the prior approval of DNPM, the holder of a mining concession can transfer it to an unrelated party that is qualified to own concessions.&nbsp; Under certain circumstances, mining concessions may be challenged by unrelated parties.</FONT></P></DIV>

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<I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Mining Concessions</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our iron ore mining activities at Casa de Pedra mine are performed based on </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Manifesto de Mina</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, which gives us full ownership over the mineral deposits existing within our property limits. Our iron ore mining activities at Engenho and Fernandinho mines are based on a concession by the Ministry of Mines and Energy, which grants us the right to exploit mineral resources from the mine for an indeterminate period of time lasting until the exhaustion of the mineral deposit.&nbsp; Our limestone and dolomite mining activities at the Boca&#237;na mine and our tin mining activities at Ariquemes (ERSA mine) are based on a concession under the same conditions.&nbsp; See &#8220;Item 4D.&nbsp; Property, Plant and Equipment&#8221; for further information.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Mineral Rights and Ownership</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our mineral rights for Casa de Pedra mine include the mining concession, a beneficiation plant, roads, a loading yard and railway branch, and are duly registered with the</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> DNPM</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; We have also been granted by DNPM easements in 15 mine areas located in the surrounding region, which are not currently part of Casa de Pedra mine, and hold title to all our proved and probable reserves.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition, we have obtained and are in compliance with all licenses and authorizations for our operations and projects at Casa de Pedra mine.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The exploitation in Casa de Pedra mine is subject to mining lease restrictions, which were duly addressed in our iron ore reserve calculations.&nbsp; Quality requirements (chemical and physical) are the key &#8220;modifying factors&#8221; in the definition of ore reserves at Casa de Pedra and were properly accounted for by the CSN mine planning department.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Brazilian government charges us a royalty known as the Financial Compensation for Exploiting Mineral Resources (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Compensa&#231;&#227;o Financeira pela Explora&#231;&#227;o de Recursos Minerais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), or CFEM, on the revenues from the sale of minerals we extract, net of taxes, insurance costs and costs of transportation.&nbsp; DNPM is responsible for enacting regulations on CFEM and auditing the mining companies to ensure the proper payment of CFEM The current annual rates are:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3% on bauxite, potash and manganese ore; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2% for iron ore, kaolin, copper, nickel, fertilizers and other minerals</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1% on gold.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Mineral Code and ancillary mining laws and regulations also impose other financial obligations.&nbsp; For example, mining companies must compensate landowners for the damages and loss of income caused by the use and occupation of the land (either for exploitation or exploration) and must also share with the landowners the results of the exploration (in a rate of 50% of the CFEM).&nbsp; Mining companies must also compensate the government for damages caused to public lands.&nbsp; A substantial majority of our mines and mining concessions are on lands owned by us or on public lands for which we hold mining concessions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Antitrust Regulation</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">We are subject to various laws in Brazil which seek to maintain a competitive commercial environment.&nbsp; The competition law and practice in Brazil is governed primarily by Law No. 8,884/94, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Lei de Defesa da Concorr&#234;ncia</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">, or Competition Defense Law.&nbsp; The Brazilian Antitrust System is currently comprised of three agencies, namely </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Secretaria de Direito Econ&#244;mico</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">(SDE)&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Conselho Administrativo de Defesa Econ&#244;mica (CADE), </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">both entailed to Brazil&#8217;s Ministry of Justice, and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Secretaria de Acompanhamento Econ&#244;mico (SEAE), </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">entailed to Brazil&#8217;s Ministry of Treasury.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">SDE has broad authority to promote economic competition among companies in Brazil, including the ability to suspend price increases and investigate collusive behavior between companies. If CADE determines that certain companies have acted collusively to raise prices, it has the authority to impose fines on the offending companies, prohibit them from receiving loans from Brazilian government sources and bar them from bidding on public projects. In addition, CADE has the authority to dissolve mergers and to require a company to divest assets should it determine that the industry in which it operates is insufficiently competitive. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A new Antitrust Law was enacted in 2011 (Law No. 12,529/11), which provides for significant changes in both the current structure and proceedings. The main change is the introduction of a mandatory pre-merger notification system, as opposed to the post-merger review system currently in force. The new CADE will be formed by an Administrative Tribunal of Economic Defense </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Tribunal Administrativo de Defesa Econ&#244;mica)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, a General-Superintendence </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Superintend&#234;ncia-Geral) </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">and a Department of Economic Studies </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(Departamento de Estudos Econ&#244;micos)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. Law No. 12,529/11 is expected</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#1f497d face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">to come into force on May 30, 2012. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For further antitrust-related information, see &#8220;Item 8A. Consolidated Statements and Other Financial Information-Legal Proceedings&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Regulation of Other Activities</FONT></B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>In addition to mining, environmental and antitrust regulation, we are subject to comprehensive regulatory regimes for certain of our other activities, including railroad transport, electricity generation and ports.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Our railroad business is subject to regulation and supervision by the Brazilian Ministry of Transportation and the transportation regulatory agency </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Ag&#234;ncia Nacional de Transportes Terrestres</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times> </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>(ANTT)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>, and operates pursuant to concession contracts granted by the federal government, which impose certain limitations and obligations.&nbsp; As of December 31, 2011, we owned the following railroad related assets: (i) a 33.27% direct and indirect participation in MRS Log&#237;stica S.A., which holds a concession to operate Brazil&#8217;s Southeastern railway system until 2026, renewable for an additional 30 years, and (ii) a 70.91% participation in Transnordestina Log&#237;stica S.A., which holds a concession to operate Brazil&#8217;s Northeastern railway system until 2027, renewable for an additional 30 years.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Our electricity generation business is subject to regulation and supervision by the Brazilian Ministry of Mines and Energy, the electricity regulatory agency </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Ag&#234;ncia Nacional de Energia El&#233;trica (ANEEL)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>, and the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Operador Nacional do Sistema El&#233;trico (ONS)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>.&nbsp; As of December 31, 2011, we owned the following energy related assets: (i) a 238 MW thermoelectric co-generation power plant at our Presidente Vargas Steelworks, (ii) a 48.75% participation in It&#225; Energ&#233;tica S.A. (&#8220;Itasa&#8221;), which owns and operates 60.5% of the It&#225; hydroelectric facility on the Uruguay river in Southern Brazil under a renewable 30-year concession until 2030, and (iii) a 17.9% participation in the consortium that built and has the right to operate the Igarapava hydroelectric facility in Southeast Brazil under a renewable 30-year concession until 2028.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Our port business is subject to regulation and supervision by the Brazilian Ministry of Transportation and the ports and navigation agency </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Ag&#234;ncia Nacional de Transportes Aquavi&#225;rios (ANTAQ)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>.&nbsp; As of December 31, 2011, we owned the following port related assets: (i) a concession to operate the Terminal de Carv&#227;o (&#8220;TECAR&#8221;), the solid bulks terminal at Itagua&#237; Port, located in the State of Rio de Janeiro, which expires in 2022, renewable for an additional 25 years, and (ii) a 99.99% participation in Sepetiba Tecon S.A. (&#8220;TECON&#8221;), which has a concession to operate the container terminal at Itagua&#237; Port for a 25-year term until 2023, renewable for an additional 25 years. </FONT></P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For further information on our logistics and energy segments, see &#8220;Item 4B. Business Overview&#8221;.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Proceedings Related to Protectionist Measures</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Over the past several years, exports of steel products from various countries and companies, including Brazil and us, have been the subject of anti-dumping, countervailing duty and other trade related investigations from importing countries.&nbsp; These investigations resulted in duties that limit our access to certain markets.&nbsp; Despite the imposed limitations, our exports have not been significantly affected, as we were able to re-direct our sales from restricted markets to other markets, and also because the volume of exports or products available for export has been decreasing as a result of the increased demand from our domestic market and thus present participation of exports in our total sales has been significantly reduced.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Brazil, we are subject to regulation and supervision by the Ministry of Development, Industry and Foreign Trade, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Secretaria de Com&#233;rcio Exterior (SECEX)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Departamento de Defesa Comercial (DECOM)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Worlwide, our exports are subject to the protectionist measures summarized below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">United States</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Anti-dumping (AD) and Countervailing Duties (CVD)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; In the U.S., we are subject to regulation and supervision by the U.S. Department of Commerce (DOC), the International Trade Commission (ITC), the International Trade Administration (ITA) and the Import Administration (IA).&nbsp; In September&nbsp;1998, U.S. authorities initiated anti-dumping and countervailing duties investigations on hot-rolled steel sheet and coil imported from Brazil and other countries.&nbsp; In February&nbsp;1999, the DOC reached a preliminary determination on the anti-dumping and countervailing duties margins.&nbsp; We were found to have preliminary margins of 50.66% for anti-dumping, and of 6.62% for countervailing duties.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In July&nbsp;1999, Brazil and the United States signed a five-year suspension agreement, suspending the anti-dumping investigation and establishing a minimum price of US$327 per ton (delivery duty paid), subject to quarterly review by the DOC.&nbsp; In February&nbsp;2002, the U.S. government terminated the anti-dumping suspension agreement and reinstated the anti-dumping margin of 41.27%.&nbsp; In April&nbsp;2004, we requested the DOC to conduct an administrative review of the anti-dumping investigation.&nbsp; Through this review, in April&nbsp;2005, we obtained a favorable preliminary determination of &#8220;zero&#8221; margin of dumping from the DOC.&nbsp; Final determination was issued in October&nbsp;2005 and the &#8220;zero&#8221; margin of dumping preliminarily found by the DOC was confirmed.&nbsp; With respect to the countervailing duties investigation, the Brazilian and U.S. governments signed, in July 1999, a suspension agreement which limited exports of hot-rolled sheets and coils from Brazil to 295,000 tons per year.&nbsp; At the request of the Brazilian government, the agreement was terminated in September&nbsp;2004.&nbsp; Upon termination of this agreement, countervailing duties of 6.35% became effective regarding imports of hot-rolled products from Brazil.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Simultaneously to the administrative review, we participated in an anti-dumping and countervailing duties expiry review which involved the exports of hot-rolled sheet and coils to the U.S. The expiry review was jointly developed by the ITC and the DOC, through the IA, and was initiated in May&nbsp;2004. A final determination was rendered in April&nbsp;2005, retaining the anti-dumping and countervailing duties orders until May&nbsp;12, 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">In</FONT><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></I></B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">April&nbsp;2010, another anti-dumping and countervailing duties expiry review was initiated and jointly developed by the DOC and ITC through the IA.&nbsp; The final determination was issued in June 6, 2011 and revoked both the anti-dumping and the countervailing duties orders.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Canada</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Anti-dumping</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; In Canada, we are subject to regulation and supervision by the Canadian International Trade Tribunal (CITT), the Canada Border Services Agency (CBSA) and the Anti-dumping and Countervailing Directorate.&nbsp; In January&nbsp;2001, the Canadian government initiated an anti-dumping investigation process involving hot-rolled sheets and coils exported from Brazil.&nbsp; The investigation was concluded in August&nbsp;2001, with the imposition by Canada of an anti-dumping tax of 26.3% on imports of those products from Brazil, with minimum prices to be observed.&nbsp; In August&nbsp;2002, the CBSA initiated a revision of the values previously established and, in March&nbsp;2003, the revised values were determined.&nbsp; These values are adjusted whenever there is an adjustment of Canadian domestic prices.&nbsp; In February&nbsp;2005, the CBSA initiated a reinvestigation of hot-rolled sheets and coils.&nbsp; We did not participate in this investigation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In December&nbsp;2005, the CITT initiated an expiry review of hot-rolled products, in which we participated.&nbsp; A final determination was issued in August&nbsp;2006, determining the continuation of the anti-dumping order for hot-rolled products.&nbsp; As a result, exports of our hot&#8211;rolled products to Canada are subject to anti-dumping duties of 77%.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In October&nbsp;2010, the&nbsp; CITT initiated an expiry review of hot-rolled products, in which CSN decided not to participate.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Argentina</FONT></I></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Anti-dumping &#8211; hot-rolled products</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; In Argentina, we are subject to regulation and supervision by the Ministry of Economy and Production, the Secretaria de</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> Industria y Comercio, the Secretaria de la Peque&#241;a y Mediana Empresa and the Subsecretaria de Pol&#237;tica y Gesti&#243;n Comercial</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Argentina commenced an anti-dumping investigation of hot-rolled products from Brazil, Russia and the Ukraine in October&nbsp;1998.&nbsp; In April&nbsp;1999, the Argentine government applied a provisional anti-dumping order on Brazilian imports, fixing a minimum price of US$410 per ton FOB (free on board), for four months ending in August&nbsp;1999.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In December&nbsp;1999, the Argentine government accepted a suspension agreement of the anti-dumping measures, providing for quotas of 36,000 tons for the first year, 38,000 tons for the second and 39,000 tons for the third, fourth and fifth years, and minimum prices from US$325 to US$365 per ton CFR FO (cost, insurance and freight, free out), subject to quarterly adjustments based on the publication of the Argentine National Institute of Statistics and Census, or INDEC.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In January&nbsp;2005, an expiry review of the anti-dumping process was initiated to analyze the maintenance, modification and/or derogation of the action of the administrative authority of the Argentine government.&nbsp; We participated in this review.&nbsp; In June&nbsp;2006, Argentina published Resolution No. 412/2006 terminating the anti-dumping investigation for hot-rolled products from Brazil, Russia and the Ukraine, determining a margin of 147.95% to Brazil. The application of anti-dumping duties was replaced by a suspension agreement set forth in that same resolution. The suspension agreement was valid for five years from its publication, from June&nbsp;6, 2006 until June 5, 2011. The suspension agreement expired on June 6, 2011,&nbsp; and, as a consequence, the order is considered revoked and the exports of hot rolled to Argentina are no longer subject to anti-dumping duties.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Overview of Steel Industry</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">World Steel Industry</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The worldwide steel industry comprises hundreds of steelmaking facilities divided into two major categories, integrated steelworks and non-integrated steelworks, depending on the method used for producing steel.&nbsp; Integrated plants, which accounted for approximately 66% of worldwide crude steel production in 2008, typically produce steel by smelting in blast furnaces the iron oxide found in ore and refining the iron into steel, mainly through the use of basic oxygen furnaces or, more rarely, in electric arc furnaces.&nbsp; Non-integrated plants (sometimes referred to as mini-mills), which accounted for approximately 34% of worldwide crude steel production in 2008, produce steel by melting scrap metal, occasionally complemented with other metallic materials, such as direct reduction iron or hot-briquette iron, in electric arc furnaces.&nbsp; Industry experts expect that a lack of a reliable and continuous supply of quality scrap metal, as well as the high cost of electricity, may restrict the growth of mini- mills.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel continues to be the material of choice in the automotive, construction, machinery and other industries.&nbsp; Notwithstanding potential threats from substitute materials such as plastics, aluminum, glass and ceramics, especially for the automotive industry, steel continues to demonstrate its economic advantage.&nbsp; From 1990 through 2005, total global crude steel production ranged between approximately 770&nbsp;million and 1.1&nbsp;billion tons per year. According to the World Steel Association, in 2011, production reached a new record of 1.53 billion tons, which represents a 6.8% increase as compared to 2010. All major producing countries, except for Japan and Spain, increased their production levels in 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">China&#8217;s crude steel production in 2011 reached 695&nbsp;million tons, an increase of 8.9% as compared to 2010.&nbsp; Production volume in China has more than tripled in the last nine years, from 222&nbsp;million tons in 2002.&nbsp; China&#8217;s share of world steel production increased from 44.7% in 2010 to 45.5% in 2011. In 2011, Asian countries improved their production by 7.9%, reaching 988 million tons. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazilian Steel Industry</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Since the 1940s, steel has been of vital importance to the Brazilian economy.&nbsp; During the 1970s, strong government investments were made to provide Brazil with a steel industry able to support the country&#8217;s industrialization boom.&nbsp; After a decade of little to no investment in the sector in the 1980s, the government selected the steel sector as the first for privatization commencing in 1991, resulting in a more efficient group of companies operating today.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">A Privatized Industry</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">During almost 50 years of state control, the Brazilian flat steel sector was coordinated on a national basis under the auspices of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Siderbr&#225;s</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, the national steel monopoly.&nbsp; The state had far less involvement in the non-flat steel sector, which has traditionally been made up of smaller private sector companies.&nbsp; The larger integrated flat steel producers operated as semi autonomous companies under the control of Siderbr&#225;s and were each individually privatized between 1991 and 1993. We believe that the privatization of the steel sector in Brazil has resulted in improved financial performance, as a result of increased efficiencies, higher levels of productivity, lower operating costs, a decline in the labor force and an increase in investment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Domestic Demand</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Historically, the Brazilian steel industry has been affected by substantial fluctuations in domestic demand for steel.&nbsp; Although national per capita consumption varies with GDP, fluctuations in steel consumption tend to be more pronounced than changes in economic activity.&nbsp; Crude steel consumption per capita in Brazil has increased from 104 kilograms in 1999 to 147 kilograms in 2010. It is still considered low when compared to the levels of some developed countries, such as the United States and Germany. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">From 2005 to 2007, despite a good global economic scenario, Brazilian GDP grew on average 4.4%. In&nbsp;2008 and 2009, overall global economic activity slowed significantly and domestic apparent steel consumption amounted to 24.0&nbsp;million tons and 18.6&nbsp;million tons, respectively.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010, with the recovery of the global economy, domestic demand rose by 43% to 26.6 million tons. On the other hand, in 2011, domestic steel demand decreased 4.2% to 25.0 million tons, mainly due to high levels of inventory held by distributors and increased indirect imports.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Brazilian flat steel sector is shifting production to the higher value-added consumer durable sector.&nbsp; This sector is highly dependent on domestic consumer confidence, which, in turn, is affected by economic policies and certain expectations of the current government administration.&nbsp; Over the past years, automobile manufacturers made significant investments in Brazil.&nbsp; In 2009 and 2010, vehicle production recovered from the 2008 financial crisis in response to government incentives such as tax cuts.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, the Brazilian market reached a record 3.6 million vehicles sold. Also, exports rose by 7.7% in the same period, generating revenues of US$15.4 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Market Participants</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to IABR (Instituto A&#231;o Brasil), the Brazilian steel industry is composed of 28 mills managed by 10 corporate groups, with an installed annual capacity of approximately 45&nbsp;million tons, producing a full range of flat, long, carbon, stainless and specialty steel.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Capacity Utilization</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There were no changes in Brazilian nominal steel production capacity in 2011 compared to 2010. This capacity was estimated at 42 million tons (including the 5 million tons CSA facility, which started production in 2010). The local steel industry operated at approximately 78% utilization in 2011, in line with the level recorded in 2010. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exports/Imports</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil has been playing an important role in the export market, primarily as an exporter of semi-finished products.&nbsp; The Brazilian steel industry has taken several steps towards expanding its capacity to produce value-added products.&nbsp; Brazil&#8217;s exports of semi-finished steel products reached 5.7&nbsp;million tons in 2008 and 4.6&nbsp;million tons in 2009, which represented 62% and 54% of total steel exports for each period, respectively.&nbsp; In 2010, slabs and billets exports totaled 5.3&nbsp;million tons (58% of tons exported in the year). In 2011, the exports of semi-finished products reached 7.2 million tons, an increase of 36.4% as compared to 2010, representing 66% of total exports.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, Brazilian steel exports totaled 10.8&nbsp;million tons, representing 34% of total Brazilian steelmakers&#8217; sales (domestic plus exports) and accounting for US$8.4&nbsp;billion in export earnings for Brazil.&nbsp; Over the last 20 years, the Brazilian steel industry has been characterized by a structural need to export, which is demonstrated by the industry&#8217;s supply demand curve.&nbsp; The Brazilian steel industry has experienced periods of overcapacity, cyclicality and intense competition during the past several years.&nbsp; Demand for finished steel products, as measured by domestic </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">apparent consumption, has consistently fallen short of total supply (defined as total production plus imports).&nbsp; In 2011, supply totaled 35.2&nbsp;million tons, as compared to apparent consumption of 25.2&nbsp;million tons.</FONT></P></DIV>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, steel imports decreased 35.9% as compared to 2010,&nbsp; to 3.8 million tons,&nbsp; which corresponds to 15% of apparent domestic consumption. In 2010, steel imports increased 154% to 5.93 million tons (22% of apparent domestic consumption) as compared to 2.3 million tons in 2009 (8.6% of steel consumption), according to IABR. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647470"></A><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For information on the production by the largest Brazilian steel companies, see &#8220;Item 4B.&nbsp; Business Overview&#8212;Competition&#8212;Competition in the Brazilian Steel Industry.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4C. Organizational Structure</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We conduct our business directly and through subsidiaries.&nbsp; For more information on our organizational structure, see Note 2(b) to our consolidated financial statements included in &#8220;Item 18.&nbsp; Financial Statements.&#8221;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647471"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4D. Property, Plant and Equipment</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our principal executive offices are located in the city of S&#227;o Paulo, the State of S&#227;o Paulo at Avenida Brigadeiro Faria Lima, 3,400, 20<SUP>th</SUP> floor (telephone number 55-11-3049-7100), and our main production operations are located in the city of Volta Redonda, in the State of Rio de Janeiro, located approximately 120 km from the city of Rio de Janeiro.&nbsp; Presidente Vargas Steelworks, our steel mill, is an integrated facility covering approximately 4.0 square km and located in the city of Volta Redonda in the State of Rio de Janeiro.&nbsp; Our iron ore, limestone and dolomite mines are located in the State of Minas Gerais, which borders the State of Rio de Janeiro to the north.&nbsp; Each of these mines lies within 500 km of, and is connected by rail and paved road to, the city of Volta Redonda.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The table below sets forth certain material information regarding our property as of December&nbsp;31, 2011.</FONT></P>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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

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

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="3%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Productive&nbsp;Capacity</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="9%">

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Encumbrances</FONT></B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 39.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Presidente Vargas&nbsp;Steelworks&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 39.75pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 39.75pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Volta Redonda,&nbsp;State of Rio de&nbsp;Janeiro&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 39.75pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">4.0 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 39.75pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 39.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">steel mill&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 39.75pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">5.6 million tons per&nbsp;year&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 39.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 39.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 36pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">CSN Porto Real (former GalvaSud)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Porto Real, State of&nbsp;Rio de Janeiro&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">0.27 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">galvanized steel&nbsp;producer&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">350,000 tons per&nbsp;year&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">mortgage<SUP>(1)(2)</SUP></FONT></P></TD></TR>

<TR style="HEIGHT: 72pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 72pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">CSN Paran&#225;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 72pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 72pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Arauc&#225;ria, State of&nbsp;Paran&#225;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 72pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 72pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">0.98 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 72pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 72pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">galvanized and pre-painted products&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 72pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 72pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">100,000 tons of pre-&nbsp;painted product and&nbsp;220,000 tons of&nbsp;pickled hot-rolled&nbsp;coils&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 72pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 72pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 72pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 36pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Metalic&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Maracana&#250;, State of&nbsp;Cear&#225;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">0.10 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">steel can&nbsp;manufacturer&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">900 million cans per&nbsp;year&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None</FONT></P></TD></TR>

<TR style="HEIGHT: 24.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Prada&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">S&#227;o Paulo, State of S&#227;o&nbsp;Paulo and&nbsp;Uberl&#226;ndia, State of&nbsp;Minas Gerais&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">SP &#8211; 0.14 square km;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">steel can&nbsp;manufacturer&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">1 billion cans per&nbsp;year&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">MG &#8211; 0.02 square km;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 84pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">CSN, LLC&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Terre Haute,&nbsp;Indiana, USA&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">0.78 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">cold-rolled and&nbsp;galvanized products&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">800,000 tons of&nbsp;cold-rolled products&nbsp;and 315,000 tons&nbsp;per year of&nbsp;galvanized products&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR></TABLE></DIV></DIV>

<a name="_bclFooter57"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center">53</P>

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

<A name="page_58"></A>
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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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

<a name="_bclHeader58"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 2.8pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 84pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Lusosider&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Seixal, Portugal&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">0.39 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">hot-dip galvanized,&nbsp;cold-rolled and tin&nbsp;products&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">240,000 tons of&nbsp;galvanized&nbsp;products and 50,000&nbsp;tons of cold-rolled&nbsp;products per year&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 36pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Prada&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Mogi das Cruzes,&nbsp;State of S&#227;o Paulo&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">0.20 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">distributor&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">730,000 tons per year&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Casa de Pedra mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Congonhas, State of&nbsp;Minas Gerais &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">44.57 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">iron ore mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">60.0 mtpy<SUP>(3)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned<SUP>(4)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Engenho mine<SUP>(5)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Congonhas, State of Minas&nbsp;Gerais&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">2.87 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">iron ore mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">5.0 mtpy</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 26.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Fernandinho mine<SUP>(5)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Itabirito, State of Minas&nbsp;Gerais&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">1.84 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">iron ore mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">2.0 mtpy&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 36pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Bocaina mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Arcos, State of&nbsp;Minas Gerais&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">4.11 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">limestone and&nbsp;dolomite mines</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">4.0 mtpy&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">ERSA mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Ariquemes, State of Rond&#244;nia&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">0.015 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">&nbsp;tin mine&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">1,800 tons&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 36pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Thermoelectric co-generation power&nbsp;plant&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Volta Redonda,&nbsp;State of Rio de&nbsp;Janeiro&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">0.04 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">power plant&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">238 MW&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">It&#225;<SUP>(6)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Uruguay River -&nbsp;Southern Brazil&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">9.87 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">power plant&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">1,450 MW&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Igarapava<SUP>(7)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">State of Minas&nbsp;Gerais&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">5.19 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">power plant&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">210 MW&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Southeastern&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Southern and&nbsp;Southeastern&nbsp;regions of Brazil&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">1,674 km of tracks&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">railway&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">--&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 26.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Railway System <SUP>(8)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 36pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Transnordestina&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Northern and&nbsp;northeastern regions of Brazil&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">4,238 km of tracks&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">railway&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">--&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">TECAR at Itagua&#237;&nbsp;Port&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Itagua&#237;, State of Rio de&nbsp;Janeiro&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">0.69 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">raw materials&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">4 mtpy&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 48pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Container terminal -&nbsp;TECON at Itagua&#237;&nbsp;port&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Itagua&#237;, State of Rio de Janeiro&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">0.44 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">containers&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">2 mtpy&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">concession&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 40.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Land&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">State of Rio de Janeiro&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">31.02 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">undeveloped&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">--&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">pledge<SUP>(9)</SUP>/Collateral&nbsp;/ mortgage<SUP>(2)</SUP></FONT></P></TD></TR>

<TR style="HEIGHT: 26.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Land&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">State of Santa&nbsp;Catarina&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">6.22 square km&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">undeveloped&nbsp;</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">pledge<SUP>(9)</SUP>/Collateral&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Land&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">State of Minas&nbsp;Gerais&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">34.94 square km&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">Land&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">State of Piaui&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">506,95 square km</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">undeveloped&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">owned</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="Times New Roman">None</FONT></P></TD></TR></TABLE>

<P style="MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to a loan agreement entered into by the State of Rio de Janeiro and Galvasud as of May&nbsp;4, 2000.&nbsp; <BR>(2)&nbsp; &nbsp; &nbsp; Pursuant to a loan agreement entered into by Kreditanstatt F&#252;r Wiederafbau, Galvasud and Unibanco as of August&nbsp;23, 1999.&nbsp; <BR></FONT>


<FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(3)&nbsp; &nbsp; &nbsp; Information on equipment fleet installed annual ROM capacity.&nbsp; For information on installed annual production of products capacity, and information on mineral reserves at our Casa de Pedra mine, see &#8220;&#8212;Reserves at Casa de Pedra Mine&#8221; and table under &#8220;&#8212;Casa de Pedra Mine&#8221; below.&nbsp; <BR>(4)&nbsp; &nbsp; &nbsp; Based on the </FONT><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Manifesto de Mina</FONT></I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">.&nbsp; See, &#8220;Item 4. Information on the Company - B. Business Overview- Government Regulation and Other Legal Matters - Mining Concessions.&#8221;<BR>(5)&nbsp; &nbsp; &nbsp; Property owned by our 60% consolidated investee Namisa.<BR>(6)&nbsp; &nbsp; &nbsp; Property 29.5% owned by us.<BR>(7)&nbsp; &nbsp; &nbsp; Property 17.9% owned by us.<BR>(8)&nbsp; &nbsp; &nbsp; We indirectly hold the concession through MRS.<BR>(9)&nbsp; &nbsp;&nbsp; Pledged pursuant to various legal proceedings, mainly related to tax claims.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For information on environmental issues with respect to some of the facilities described above, see &#8220;Item 4B.&nbsp; Business Overview&#8212;Government Regulation and Other Legal Matters&#8212;Environmental Expenditures and Claims.&#8221;&nbsp; In addition, for information on our plans to construct, expand and improve our facilities, see &#8220;Item 4. Information on the Company - D. Property, Plant and Equipment &#8212;Planned Investments&#8221; and Note 12 to our financial statements included elsewhere in this Form&nbsp;20-F.</FONT></P>

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<IMG id=Imagem83 alt=fp49a src="x12042313270503.jpg" width=419 height=356>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The map above shows the locations of the Presidente Vargas Steelworks, the CSN Paran&#225;, Prada, CSN Porto Real (former GalvaSud), Metalic, Lusosider, ERSA and CSN LLC facilities, our iron ore, limestone and dolomite mines, the power generating facilities in which we have an ownership interest, and the main port used by us to export steel products and import coal and coke, as well as the main railway connections.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Acquisitions and Dispositions</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On November&nbsp;24, 2009, we concluded an initial acquisition, through our subsidiary CSN Europe, Lda, of a 14.9% minority interest in Riversdale Mining Limited (&#8220;Riversdale&#8221;), a mining company listed on the Australian Stock Exchange (ASX). </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In January</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010, we obtained the approval of the Australian Government to acquire further shares of Riversdale, and concluded the second tranche of the acquisition, reaching an equity participation of 16.3%.&nbsp; In addition, we participated on a capital increase carried out by Riversdale in July 2010, subscribing to new shares, but maintaining the same equity percentage. We also made several share purchases in February 2011 and reached a total equity participation of 19.9%.&nbsp; We were further diluted in 2010 and 2011, due to the exercise of stock options issued in favor of the management of Riversdale and of third parties. On April 20, 2011, we adhered to a public </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">takeover offer for the acquisition of Riversdale&#8217;s shares conducted by Rio Tinto and, as a consequence, sold 100% of our 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$780,316,201.50.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Segregation of Mining Assets</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We are analyzing the possibility of segregating our iron ore business and correlated logistics activities into one of our subsidiaries.&nbsp; Such segregation would be expected to occur upon the transfer, by means of a capital increase, of assets, liabilities, rights and obligations comprising our mining and related logistics businesses as well as of investments in related operating companies, and would also depend on several aspects, including certain regulatory approvals</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Alfonso Gallardo</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On January 31, 2012, we entered into, through our Spanish subsidiary CSN Steel S.L., a share purchase agreement with the Spanish group Alfonso Gallardo (&#8220;AG Group&#8221;) to establish the acquisition of all the shares held by the AG Group in (i) Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;), a long steel manufacturer located in Unterwellenborn, Germany, specialized in the production of steel sections; and (ii) Gallardo Sections S.L.U., a steel distributor of SWT&#8217;s products. The total amount of the transaction was &#8364;482.5 million, without the assumption of any indebtedness.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The transaction involved assets located in Germany, which were contemplated to be sold pursuant to a share purchase agreement executed on May 19, 2011 with the AG Group. The transaction brought to an end the discussions between the parties regarding different interpretations of the earlier agreement, including termination of the related arbitral proceeding which was pending before the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">C&#225;mara Oficial de Comercio e Industria de Madrid</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Usiminas</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On December 31, 2011, we owned, directly and indirectly, 20.14% of the preferred shares and 11.97% of the common shares of Usinas Sider&#250;rgicas de Minas Gerais S.A. (&#8220;Usiminas&#8221;), resulting from various acquisitions in the market since mid-2010.&nbsp; We are assessing strategic alternatives in relation to our investment in Usiminas. For more information on the antitrust matters regarding our investment in Usiminas see &#8220;Item 8. Financial Information -A. Consolidated Statements and Other Financial Information Selected Financial Data - Legal Proceedings - Antitrust.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Namisa</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2008, as part of our sale of a 40% interest in Namisa to a consortium of Asian shareholders that currently include Itochu Corporation, JFE Steel Corporation, Kobe Steel, Ltd, Nisshin Steel Co. Ltd., Posco and China Steel Corporation, or the Asian consortium, we and the Asian consortium have entered into a shareholders&#8217; agreement to govern our joint control of Namisa. In case of a dead-lock among the shareholders, a resolution process requires us to initiate mediation with our partners and, if no solution is reached, the matter is then submitted to be addressed directly by the senior executives of the companies in dispute. In the event the dead-lock remains, the shareholders&#8217; agreement provides for put and call options, which entitles the Asian consortium to elect to sell all its ownership interest in Namisa to CSN and CSN to elect to buy all ownership interest of the Asian consortium in Namisa, in each case for the fair market value of the respective shares.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition, certain other agreements, including the share purchase agreement between CSN and the Asian consortium and the long-term operational agreements between Namisa and CSN, provide for certain obligations that, in case breached or not cured within the relevant cure period, may give rise, in certain situations, to the right of the non-breaching party to exercise a call or a put option, as the case may be, with respect to the Asian consortium&#8217;s ownership interest in Namisa.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For a more detailed description of Namisa&#8217;s current corporate structure, see Note 11 to the consolidated financial statements included in &#8220;Item 18. Financial Statements.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Capital Expenditures </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We invested R$4,401&nbsp;million in 2011, R$2,382&nbsp;million of which was allocated as follows: Transnordestina Log&#237;stica: R$1,691&nbsp;million; CSN Cimentos: R$61&nbsp;million; MRS Log&#237;stica: R$447&nbsp;million, Namisa: R$100 million and others projects: R$83 million.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The remaining R$2,019&nbsp;million was expended on: maintenance and repairs: R$549&nbsp;million; expansion of the Casa de Pedra mine:&nbsp; R$251&nbsp;million; expansion of the Port of Itagua&#237;:&nbsp; R$238&nbsp;million; technological improvements: R$77&nbsp;million, long steel mill: R$220 million and others projects: R$684 million.&nbsp; For further information, see &#8220;Item 5B. Liquidity and Capital Resources-Short-Term Debt and Short-Term Investments.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We invested R$3,636&nbsp;million in 2010, R$2,201&nbsp;million of which was allocated as follows: Transnordestina Log&#237;stica: R$1,371&nbsp;million; CSN A&#231;os Longos (merged into CSN in January 2011): R$275&nbsp;million; CSN Cimentos:&nbsp; R$249&nbsp;million; MRS Log&#237;stica:&nbsp; R$199&nbsp;million and other projects: R$107 million.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The remaining R$1,435&nbsp;million was expended on: maintenance and repairs: R$483&nbsp;million; expansion of the Casa de Pedra mine:&nbsp; R$275&nbsp;million; expansion of the Port of Itagua&#237;:&nbsp; R$139&nbsp;million; technological improvements: R$125&nbsp;million and other projects: R$413 million.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We invested R$1,860 million in 2009, R$696&nbsp;million of which was allocated as follows: Transnordestina Log&#237;stica: R$141&nbsp;million; CSN A&#231;os Longos: R$183&nbsp;million; CSN Cimentos: R$163&nbsp;million; MRS Log&#237;stica: R$125&nbsp;million and other projects: R$84 million.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The remaining R$1,164&nbsp;million was expended on: maintenance and repairs: R$326&nbsp;million; expansion of the Casa de Pedra mine: R$426&nbsp;million; expansion of the Port of Itagua&#237;: R$47&nbsp;million; and technological improvements: R$162&nbsp;million and other projects: R$203 million.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, we continued to implement our strategy of developing downstream opportunities, new products and market niches by creating or expanding capacity of galvanized products for the automotive sector and by investing in a galvanizing and pre-painting plant in order to supply the construction and home appliance industries, as described in &#8220;Item 4B.&nbsp; Business Overview&#8212;Facilities.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We also intend to control production costs and secure reliable sources of raw materials, energy and transportation in support of our steelmaking operations through a program of strategic investments.&nbsp; The principal strategic investments already made are set forth in &#8220;Item 4B.&nbsp; Business Overview&#8212;Facilities.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Planned Investments </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our operating activities require regular investments in equipment maintenance, technological improvements, tools, vehicles, buildings, and industrial plants, among others. These investments are classified as Sustaining (&#180;Stay-in-Business&#180;) Capex.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company also invests to increase its operational efficiency and productivity, and expand production capacity in its traditional flat steel, mining and logistics businesses, as well as new businesses such as cement and long steel.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our total planned investments amount to R$20.9 billion, of which:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 49.65pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$12.0 billion in our mining segment, including capacity expansion of the Casa de Pedra mine to 50 mtpy and of Nacional Min&#233;rios SA (Namisa) sales to 39 mtpy, in addition to the expansion of shipping capacity of our Solid Bulk terminal in Itagua&#237; (TECAR) to 84 mtpy. The planned investment reflects only the portion of our investment, which is proportional to our ownership percentage of 60% in Namisa;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 49.65pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$0.8 billion in our steel segment, including the completion of our long steel plant in Volta Redonda&nbsp; and&nbsp; completion/implementation of other flat steel&nbsp; projects, such as a service center for the auto industry and the expansion of pre-painted capacity, and the implementation of projects for operational excellence with a focus on reducing costs (e.g., energy efficiency);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 49.65pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$1.0 billion in our cement segment, in order to expand our grinding capacity from 2.4 million tons to 5.4 million tons and our clinker production capacity from 0.8 million tons to 3.0 million tons;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 49.65pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$3.1 billion in our logistics segment, including the Transnordestina railway and our container terminal (TECON); investments in the MRS railway are not included in this plan. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 49.65pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$4.0 billion in projects to improve performance of current productive assets (&#8220;stay-in-business&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We expect to finance these investments through our own cash, public or private financing, and/or strategic partnerships.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our planned investments in iron ore, steel, logistics and cement are described below.</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are currently constructing a long steel plant in Volta Redonda, in the State of Rio de Janeiro with the capacity of 500 Kt per year, making use of the existent infrastructure and energy, to produce rod bars (around 80%) and wire rods (around 20%), and representing the entrance of CSN into this new market segment. In addition to this plant, we are studying the feasibility of building other long steel plants.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We also invested in the expansion of service centers for the automotive market in our CSN Porto Real facility, in which CSN&#8217;s market share has been successively expanded. The pre-painted plant operates at full capacity, and there are expansion projects underway, with the intention of doubling the current capacity.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our investment portfolio also includes important operational excellence projects in development and deployment that will lead to significant cost reductions, such as:&nbsp; the coke battery revamp project, which we expect will make us self-sufficient in coke; an energy power substation, which will reduce our electrical energy transmission costs; and the start-up of our blast furnace turbine project, adding 17 MW of electricity self-generation.&nbsp; In addition, there are several projects designed to reduce our consumption of raw materials and increase productivity and efficiency.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Besides the organic portfolio, we constantly evaluate various options in order to accelerate our growth in the Brazilian flat steel market and strengthen our competitiveness, including the development of new plants, expansion of existing units and M&amp;A options, both in Brazil and abroad.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We expect to achieve an annual sales level of approximately 89 mtpy of iron ore products, including third party purchases, by increasing capacity to 50 mtpy in Casa de Pedra and 33 mtpy in Namisa, where projects include both concentration and pelletizing plants.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are also investing in the expansion of TECAR to allow for annual exports of 84 mtpy of iron ore, from a current capacity of 30 mtpy. </FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In August 2006, in order to enable the implementation of a major infrastructure project led by the Brazilian federal government, our Board of Directors approved the merging of Transnordestina S.A., a company that was state-owned at the time, into and with Companhia Ferrovi&#225;ria do Nordeste &#8211; CFN, an affiliate of CSN that holds a 30-year concession, granted in 1998, to operate the Northeastern Railroad of the RFFSA, with 4,238 km of railway track.&nbsp; The surviving entity was later renamed Transnordestina Log&#237;stica S.A., or Nova Transnordestina. &nbsp;The Nova Transnordestina Project includes an additional 1,728 km of large gauge, state-of-the-art railway track.&nbsp; We expect this extension will allow the company to increase the transportation of various products, including, oil, fuels, soybeans, cotton, sugar cane, fertilizers, iron ore and limestone.&nbsp; The investments for the railroad expansion will be financed through several agencies, such as FINOR &#8211; Northeastern Investment Fund, SUDENE - the Northeastern Development Federal Agency and BNDES. We have obtained certain of the environmental permits required, purchased certain equipment and services. Environmental, geological and land expropriation issues may result in cost overruns and delays in implementing the project, which, in turn, may adversely affect the projected return on investment.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Until 2008, Transnordestina was jointly controlled by CSN and Taquari Participa&#231;&#245;es S.A., or Taquari, pursuant to a shareholders&#8217; agreement dated November 27, 1997, and amended on May 6, 1999 and November 7, 2003.&nbsp; During 2009, we increased the capital of Transnordestina by disbursing advances for future capital increases.&nbsp; Taquari decided not to participate in such capital increases, thus being diluted and relinquishing control of Transnordestina. Transnordestina is currently a fully controlled CSN subsidiary, and has been consolidated in our financial statements since December 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">To meet its own demand, Transnordestina Log&#237;stica S.A built the largest factory of broad gauge concrete sleepers in the world, with a daily capacity of 4,800 pieces per day. This project has been conducted by Odebrecht, through an Alliance Model formed with CSN.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cement</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The cement plant in Volta Redonda is currently in its final ramp-up phase in order to reach full production of 2.4 million tons per year. The use of slag generated by our steel operation and the start-up of our clinker plant should gradually reduce costs, a critical element in the cement business. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We plan to expand our grinding capacity from 2.4 million tons to 5.4 million tons and our clinker production capacity from 0.8 million tons to 3.0 million tons, in order to capture the strong growth expected for the cement market in light of events such as the Soccer World Cup in 2014 and Olympic Games in 2016, as well as the strong rate of construction of new housing units, commercial and infrastructure projects.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 4A.&nbsp; Unresolved Staff Comments</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following discussion should be read in conjunction with our consolidated financial statements as of December&nbsp;31, 2011, 2010 and 2009 and for each of the years ended December&nbsp;31, 2011, 2010 and 2009 included in &#8220;Item 18.&nbsp; Financial Statements&#8221;. Our consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as&nbsp;issued by the International Accounting Standards Board (IASB) and are presented in thousands of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (R$), as explained in Note 2(a) to our consolidated financial statements included in &#8220;Item 18.&nbsp; Financial Statements.&#8221;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; Macro-Economic Scenario</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Brazil</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to the Brazilian Institute of Geography and Statistics (IBGE), GDP increased by 2.7% in 2011, compared to an increase of 7.5% reported in 2010. According to the Institute of Applied Economic Research (IPEA), the economic slowdown was due to the worsening external scenario, which triggered changes in monetary policy, including reductions in the Selic base interest rate. In response, the government announced the withdrawal of the macroprudential measures introduced in December 2010, such as increased capital reserves for midterm loans and credit restrictions on vehicle acquisitions. On the fiscal front, tax benefits and exemptions are being introduced that are intended to benefit several economic sectors, including industry, retail and construction. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Despite the reduced growth rate, there were several positive developments in the Brazilian economy in 2011. According to the Ministry of Trade, Industry and Development (MDIC), trade surplus totaled US$29.7 billion, corresponding to a 47.8% increase as compared to 2010 and the highest in four years. while annual exports increased by 26.8% to a record of US$256 billion, the main destinations being China (US$44.3 billion) and the United States (US$25.9 billion).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Brazilian job market remained steady throughout the year. According to the IBGE, the unemployment rate decreased from 5.2% in November 2011 to 4.7% in December 2011, the lowest since the creation of the Monthly Employment Survey (PME), reaching an annual average of 6.0%, another record and substantially lower than the 6.7% recorded in 2010. According to IPEA, another job market highlight was the 8.6% increase in average real earnings between 2002 and 2011, pushing up household consumption and fueling economic activity in the country. </FONT>


<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to the Employment and Unemployment Registry (CAGED), 1.94 million formal job opportunities were created in 2011.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The IPCA consumer price index (the main inflation rate) stood at 6.50% for the year, the highest level since 2004 and 0.59 percentage points greater than the 2010 figure, but still within the tolerance band established by the Brazilian National Monetary Council for 2011. The transport sector was chiefly responsible for the upturn, while food and beverages and household articles actually recorded deflation. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Selic base interest rate, which is set by the Monetary Policy Committee (COPOM), began 2011 at 10.75% and rose successively, until reaching 12.5% in July. Since then, due to the deterioration of the global economic scenario, especially in Europe, the reduction in the inflation rate and the slowdown in the Brazilian economy, COPOM has been reducing the basic interest rate. As of&nbsp;April 2012 the current rate was 9.0%.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The banking system&#8217;s outstanding credit volume totaled R$2.03 trillion in December 2011, corresponding to a 19% increase as compared to December 2010, resulting in a total loans/GDP ratio of 49.1%, as compared to 45.2% in 2010. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">According to the IBGE, industrial output increased slightly by 0.3% in 2011, with 15 of the 27 sectors recording an increase. Transport equipment and vehicles sectors had the best performance, with&nbsp;growth of 8.0% and 2.4% respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">In 2011, the </FONT><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> depreciated 12.6%&nbsp; and on December 31, 2011, the exchange rate was R$1.88 per US$1.00.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">USA</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to the U.S. Department of Commerce, the U.S. economy grew by 1.7% in 2011, less than the increase of 3.0% recorded in 2010. In the fourth quarter of 2011, U.S. GDP recorded the highest growth of the year, with an annualized increase of 2.8%, representing real growth of 0.7% over the pre-crisis GDP recorded in the fourth quarter of 2007. The main contributors to GDP growth in the fourth quarter of 2011&nbsp;were exports, which increased by 4.7%, individual consumption, which increased by 2%, and non-residential fixed investments, which increased by 1.7%. Consumer confidence also improved, reaching 64.5 points in December 2011, as compared to 55.2 points in November 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The GDP increase in the fourth quarter of 2011 also helped to create jobs, reducing the unemployment rate to 8.5% in December, the lowest level since February 2009 and equivalent to around 13.1 million people, according to the Bureau of Labor Statistics (BLS). In 2011, the unemployment rate averaged 8.9%, an improvement over the 9.6% recorded in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Europe</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 12pt 0cm; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">High indebtedness levels in certain Eurozone countries, such as Italy, Spain, Greece, Ireland and Portugal, continue to generate uncertainties regarding the payment of sovereign debt and the solvency of the banking sector in these countries. According to the IMF, public debt as a percentage of GDP was 166% in Greece, 121% in Italy, 109% in Ireland and 106% in Portugal. At the end of February, the European Central Bank approved the transfer of &#8364;530 billion to the banking sector in order to increase liquidity in the interbanking market and credit to companies and consumers. At the beginning of March 2012, Greece was able to restructure its sovereign debt with participation of over 95% of creditors, an important step towards the country&#8217;s economic stabilization.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to the European Commission, GDP in the Eurozone grew by 1.4% in 2011 when compared to a 1.9% growth in the previous year. The Eurozone unemployment rate reached 10.4% in December, affecting around 16.5 million people, and the inflation rate stood at 2.7% at the end of 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On the other hand, Germany recorded growth of 3% in 2011, reducing its public deficit to &#8364;26.7 billion, or 1% of GDP, with the aim of respecting the European budget discipline criteria, as reported by Destatis, the German institute of statistics. This was the first time since 2008 that Germany&#8217;s public deficit fell below the 3% imposed by the European treaties. In 2010, Europe&#8217;s leading economy posted record growth of 3.7% and a public deficit of </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.3%. Other advances in 2011 included increases of 1.5% in consumption, 8.2% in exports and 8.3% in private investments in machinery and equipment, according to preliminary figures.</FONT></P></DIV>

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<I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Asia</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chinese GDP grew by 9.2% in 2011, according to the country&#8217;s National Bureau of Statistics, as compared to 10.4% in 2010. At a time when China&#8217;s trade surplus fell from US$181.5 billion, or 3.1% of GDP, in 2010, to US$160 billion, or approximately 2% of GDP, in 2011, the government is studying measures to boost domestic consumption. The resulting inflationary process has been kept under control by a rigid monetary policy, with limits on the granting of credit, high interest rates and greater control over banking reserves. &nbsp;&nbsp;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Steel</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to the World Steel Association, or WSA, global crude steel production totaled 1.5 billion tons in 2011, a 6.8% increase as compared to 2010 and a new record. The major steel-producing countries increased production in 2011, with the exception of Japan and Spain. Growth was especially strong in Turkey, South Korea and Italy. Nevertheless, global steel industry capacity utilization rate stood at 72% at the end of 2011, showing a continuing imbalance between production capacity and global steel product consumption.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazil</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to the Brazilian Steel Institute (IABr), Brazilian crude steel production totaled 35.2 million tons in 2011, a 6.8% increase as compared to 2010. Domestic steel product sales reached 21.4 million tons, a 3.4% increase as compared to 2010, while domestic rolled flat steel sales amounted to 11.3 million tons, in line with 2010 numbers. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Also according to the IABr, total steel exports increased to 10.8 million tons, a 20.7%&nbsp;growth as compared to 2010, while flat steel exports decreased by 7% to 2.1 million tons. Steel product imports totaled 3.8 million tons, a 35.9% reduction as compared to 2010, while flat steel imports declined 43.8% to 2.3 million tons. Apparent consumption of steel products in 2011 amounted to 25.0 million tons, a 4.2% decrease as compared to 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Automotive</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to ANFAVEA (the Brazilian Auto Manufacturers&#8217; Association), vehicle production in 2011 totaled 3.4 million units, a 0.7% increase as compared to 2010. Sales reached a new record of 3.6 million units, a 3.4% increase as compared to 2010 and the eighth consecutive annual increase. Vehicle exports increased by 7.7% as compared to 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Construction</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to the CBIC (Brazilian Construction Industry Association) and Sinduscon-SP (the S&#227;o Paulo Builders&#8217; Association), the construction sector recorded annual growth of 4.8% in 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ABRAMAT (the Brazilian Building Material Manufacturers&#8217; Association) estimates that construction materials sales increased by 2.9% in 2011 as compared to 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Distribution</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to INDA </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">(the Brazilian Steel Distributors&#8217; Association), flat steel sales by distributors totaled 4</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.3 million tons in 2011, showing an 11.7% increase as compared to 2010, while purchases by distributors declined by 4% to 4.1 million tons. This contributed to bring inventories to normalized levels: inventory levels fell by 16.8% in relation to December 2010, closing the year at 3.1 months of sales.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Home Appliances</FONT></I></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The reduction in federal value-added taxes (IPI) implemented by the Brazilian government at the beginning of December 2011 had higher-than-expected results, with refrigerator, stove and washing-machine sales increasing by 56% as compared to November 2011 figures and by approximately 30% as compared to December 2010 figures.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">International</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to the WSA,</FONT><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">crude steel output in China totaled 695.5 million tons in 2011, a 8.9% increase as compared to 2010 and a new record, accounting for 45.5% of the global total, while Japan's crude steel production decreased slightly, to 107.6 million tons, a 1.8% decrease as compared to 2010.&nbsp; In the European Union, production reached 177.4 million tons in 2011, corresponding to a 2.8% increase as compared to 2010, and in the</FONT><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S., crude steel production totaled 86.2 million tons in 2011, a 7.1% increase as compared to 2010. The U.S. Department of Commerce estimated steel imports at 25.9 million tons, an increase of 19% as compared to 2010.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Mining</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The seaborne iron ore market posted record performance in 2011, directly reflecting the 6.8% upturn in global steel production, despite the economic slowdown in Europe and natural disasters that occurred in Japan. International iron ore sales are expanding every year, fueled by the urbanization process in developing countries. China imported 687 million tons out of the 1,079</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman"> </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">million tons of ore sold in 2011, equivalent to around 60% of the global seaborne market and an 11% increase as compared to Chinese imports in 2010. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Brazil continues to occupy a leading position in the seaborne iron ore market. According to SECEX (the Foreign Trade Secretariat), Brazil exported 331 million tons of ore in 2011, a 6% increase as compared to 2010, and a rate of increase that has been maintained for the past five years.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The traditional annual pricing system, used for over 40 years, was replaced in the first half of 2010 by a system that is subject to quarterly revisions, reflecting market oscillations and more sensitive to spot price volatility. Mining companies price iron ore based on a three-month average of iron ore index values (Platts IODEX 62% CFR China) for the period ending a month before the start of the new quarter. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">In 2011, iron ore prices were exceptionally volatile, especially in the fourth quarter. After climbing to over US$180/t at the beginning of September, prices decreased sharply, mainly because of the European economic crisis. This crisis reduced demand in the period and resulted in the shut-down of several blast furnaces on the continent, forcing European countries to postpone part of their iron ore imports. This volume was rerouted to China at the same time as China&#8217;s imports from Australia increased substantially, reaching approximately 30 million tons in October. This increase coincided with a period of reduced crude steel production and credit restriction in China. As a result, Chinese supply peaked, leading to the collapse of international prices to approximately US$117/t at the end of October, before stabilizing between US$130/t and US$140/t, which resulted in an incompatibility between quarterly and spot prices. As a consequence, different pricing systems reflecting market oscillations and even more sensitive to spot price volatility emerged in the market. Spot price, monthly price and quarterly actual price were applied mainly in the Chinese market and major producers of iron ore are currently using different pricing methodologies.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Despite overall economic stagnation in 2011, iron ore prices reached record highs in February and presented an annual average of R$169/t, a record high annual increase of 15% compared with 2010 according to Platts Iodex.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Spot market freight costs on the Tubar&#227;o/Qingdao route remained almost flat until </FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">the first half of the third quarter of 2011, averaging </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">US$20/t. </FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">As of the middle of the quarter, however,</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> demand peak began to have a direct impact on freights, raising the average price to around US$30/t by the end of December. In January 2012, however, freight costs once again fell back to around US$20/t, due to the winter season and Chinese New Year.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Logistics</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Railway logistics</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, the consolidation of rail transport as a viable and efficient means of cargo transport&nbsp;in Brazil continued. According to the CNT (National Transport Confederation), the total cargo transported by rail </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">is expected to reach 530 million tons in 2011, a 12.7% increase as compared to the 470 million tons recorded in 2010.</FONT></P>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Still&nbsp;according to the CNT, investments in railways totaled R$3.0 billion in 2011, in line with the R$2.9 billion invested in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Port logistics</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; According to ANTAQ (National Waterways Transport Agency), Brazil&#8217;s ports handled 883 million tons of cargo in 2011, a 6% increase as compared to 2010, fueled by the 5% increase in outbound iron ore shipments and the 15% increase in container volume to 7.9 million TEUs.</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Cement</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">SNIC (the Cement Industry Association) preliminary figures&nbsp;indicate domestic cement sales of 63.5 million tons in 2011, a 7.3% increase as compared to 2010 and a new record. The Southeast region consumed half of this total and the North was the best performer in terms of growth, increasing by 9.9% in 2011. This is a reflection of the favorable real estate market, higher individual earnings and the government&#8217;s housing incentives, such as the </FONT><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Minha Casa, Minha Vida</FONT></I><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"> (My Home, My Life) program.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Energy</FONT></I></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.25pt; MARGIN: 5pt 2.85pt 5pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazilian electricity</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> consumption increased </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">by 3.6% in 2011, compared to a </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7.8% </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">increase in 2010, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">according to the Ministry of Mines and Energy</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. Despite the slowdown in the pace of electric power demand</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> growth</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, the Annual </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Energy Operations Plan (PEN </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011)&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> published by the National System Operator (ONS)</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> forecasts average annual consumption growth of 5% over the next four years.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.25pt; MARGIN: 5pt 2.85pt 5pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As a result, Brazil has been expanding its generating capacity in order to guarantee the safety of the system. According to PEN 2011,</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> the National Integrated System&#8217;s </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">projected </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">balance for the next four years </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">is expected to easily meet </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">adequate supply</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> criteria</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, even </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">under&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> adverse hydrological </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">conditions, thanks to</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> the </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">start-up period</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> of </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">new contracted plants and </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the&nbsp;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> government</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> energy auctions</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, which are expected to add 30 GW to the system.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel Markets and Product Mix</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Supply and Demand for Steel</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Prices of steel are sensitive to changes in worldwide and local demand, which in turn are affected by worldwide and country-specific economic cycles, and to available production capacity.&nbsp; While the export price of steel (which is denominated in U.S. dollars or Euros, depending on the export destination) is the spot price, there is no exchange trading of steel or uniform pricing.&nbsp; Unlike other commodity products, steel is not completely fungible due to wide differences in terms of size, chemical composition, quality and specifications, all of which impact prices.&nbsp; Many companies (including us) discount their list prices for regular customers, making their actual transaction prices difficult for us to determine.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Historically, export prices and margins have been lower than domestic prices and margins, because of the logistics costs, taxes and tariffs.&nbsp; The portion of production that is exported is affected by domestic demand, exchange rate fluctuations and the prices that can be charged in the international markets.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table shows Brazilian steel production and apparent consumption (domestic sales plus imports) and global production and demand for the periods indicated<SUP>(1)</SUP>: </FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2008</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Brazilian Market </FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(in thousands of tons)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Total Flat and Long Steel</FONT></I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">25,401</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">20,223</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">24,726</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">26,104</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">18,576</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">24,048</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Hot-Rolled Coils and Sheets</FONT></I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4,592</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,474</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,926</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,823</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,481</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Cold-Rolled Coils and Sheets</FONT></I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,159</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,692</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,038</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Apparent Consumption</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,419</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,497</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,849</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,449</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,004</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,343</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Apparent Consumption</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,262</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,478</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Tin Plates</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">774</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">665</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">724</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Apparent Consumption</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">634</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">570</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">623</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Global Market </FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(in millions of tons)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,414</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,224</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,330</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,284</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,134</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,309</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%" colSpan=6>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">___________</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%" colSpan=6>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Source: IABr and World Steel Association, or WSA. &nbsp;</FONT></P>

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">1.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face="Times New Roman">Information for 2011 was not yet available as of the date of this annual report</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR height=0>

   <TD width="52%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

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

   <TD width="1%">&nbsp;</TD>

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<P style="TEXT-ALIGN: center">63</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Product Mix and Prices</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sales trends in both the domestic and export markets are forecasted monthly based on historical data of the preceding months.&nbsp; CSN uses its own information system to remain current on market developments so that it can respond swiftly to fluctuations in demand.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN considers its flexibility in shifting between markets, and its ability to monitor and optimize inventory levels in light of changing demand, as key to its success.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have a strategy of increasing the portion of our sales attributable to higher value-added coated products, particularly galvanized and tin plate products.&nbsp; Galvanized products are directed at the automotive, construction and home appliance industries.&nbsp; Tin plate products are used by the steel packaging market.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overall, average steel prices increased in 2011 when compared to 2010, especially due to higher raw material prices including iron ore and coal. Towards the end of the year, however, international steel prices declined (except in the US market) as a consequence of expectations regarding the European crisis. Domestic prices in Brazil are aligned with the price of imported products (including aggregated import costs).</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sales Volume and Net Operating Revenues by Steel Products and Markets</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth our steel product sales volume and net operating revenues by product and market. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 2.75pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=12>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Sales Volume</FONT></B></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Tons</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top width="55%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">% of Sales Volume</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">In Market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Total</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">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="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2010</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="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2009</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">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="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2010</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="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2009</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">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="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2010</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="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2009</FONT></B></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Domestic Sales</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Slabs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">51</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">25</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Hot-Rolled</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,951</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,801</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,204</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">46%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">44%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">37%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">40%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">38%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">29%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Cold-Rolled</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">770</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">707</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">639</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">18%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">17%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">20%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">16%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">15%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">16%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Galvanized</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">991</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,065</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">875</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">23%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">26%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">27%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">20%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">22%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">21%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Tin Mill</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">489</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">512</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">500</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">12%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">12%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">15%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">10%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">11%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">12%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Subtotal</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">4,216</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">4,135</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">3.243</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">86%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">86%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">79%</FONT></B></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Export Sales</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Slabs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">162</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">19%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">4%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Hot-Rolled</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">191</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">22%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">5%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Cold-Rolled</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">49</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">4</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Galvanized</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">457</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">488</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">397</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">67%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">74%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">46%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">10%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">10%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Tin Mill</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">161</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">152</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">113</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">24%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">23%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">13%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Subtotal</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">680</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">661</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">867</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">14%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">14%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">21%</FONT></B></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">4,896</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">4,796</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">4,110</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Total Sales</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Slabs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">51</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">187</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">4%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Hot-Rolled</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,965</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,803</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,395</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">40%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">38%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">36%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Cold-Rolled</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">819</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">726</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">643</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">17%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">15%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">16%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Galvanized</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,447</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,553</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,273</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">30%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">32%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">31%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Tin Mill</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">649</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">664</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">613</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">13%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">14%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">15%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">4,896</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">4,796</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">4,110</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD></TR></TABLE></DIV></DIV>

<a name="_bclFooter68"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center">64</P>

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



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

<A name="page_69"></A>
<A href="#page_3">

<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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

<a name="_bclHeader69"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<DIV>

<DIV align=center></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=12>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Net Operating Revenues</FONT></B></P></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="17%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=3 noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">In millions of R$</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>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top width="55%" colSpan=7>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">% of Net Operating Revenues</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=3 noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">In Market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=3 noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Total</FONT></B></P></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="17%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">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="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2010</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="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2009</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>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">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="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2010</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="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2009</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>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">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="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2010</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="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2009</FONT></B></P></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="17%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Domestic Sales</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Slabs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">13 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">41 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">20 </FONT></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>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></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>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Hot-Rolled</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2,936 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">3,011 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,981 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">36%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">35%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">29%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">32%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">31%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">25%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Cold-Rolled</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,412 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,387 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,172 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">18%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">16%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">17%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">15%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">14%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">15%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Galvanized</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2,178 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2,559 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2,085 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">27%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">30%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">31%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">24%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">27%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">27%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Tin Plate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,495 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,576 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,511 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">19%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">18%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">23%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">16%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">16%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">19%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Subtotal</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">8,033 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">8,575 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">6,770 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">87%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">89%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">86%</FONT></B></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Export Sales</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Slabs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">123 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">11%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Hot-Rolled</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">19 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">182 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">16%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Cold-Rolled</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">74 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">27 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">8 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Galvanized</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">786 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">778 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">553 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">64%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">70%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">49%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">7%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Tin Plate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">340 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">300 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">259 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">28%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">27%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">23%</FONT></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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">3%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Subtotal</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,219 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,107 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,124 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">13%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">11%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">14%</FONT></B></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">9,252 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">9,682 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">7,894 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Total Sales</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Slabs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">13 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">41 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">143 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Hot-Rolled</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2,955 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">3,013 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2,163 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Cold-Rolled</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,486 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,414 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,180 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Galvanized</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2,964 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">3,337 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2,637 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Tin Plate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,835 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,876 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">1,770 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Subtotal</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">9,252 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">9,682 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">7,894 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,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: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">0%</FONT></B></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">By-Product</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">225 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">244 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">307 </FONT></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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">4%</FONT></P></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="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</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>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">9,477 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">9,926 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">8,201 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">100%</FONT></B></P></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center">65</P>

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



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

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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

<a name="_bclHeader70"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazilian Macro-Economic Scenario </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As a company with the vast majority of its operations currently in Brazil, we are affected by the general economic conditions of Brazil.&nbsp; We believe the rate of growth in Brazil is important in determining our future growth capacity and the results of our operations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table shows&nbsp;some Brazilian economic indicators for the periods indicated:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="64%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Year ended December&nbsp;31,</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="64%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="36%" colSpan=3>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="36%" colSpan=3>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="36%" colSpan=3>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">GDP growth&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(0.2%)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="36%" colSpan=3>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Inflation (IPCA)<SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4.3%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="36%" colSpan=3>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Inflation (IGP-M)<SUP>(2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">11.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(1.7%)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="36%" colSpan=3>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">CDI<SUP>(3)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">11.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">9.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">9.8%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="36%" colSpan=3>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Appreciation (depreciation) of the </FONT><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">real </FONT></I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">against&nbsp;the U.S. dollar&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(12.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">25.5%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="36%" colSpan=3>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Exchange rate at end of period (US$1.00)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">R$1.876</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">R$1.666</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">R$1.741</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="36%" colSpan=3>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Average exchange rate (US$1.00)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">R$1.675</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">R$1.759</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">R$1.99</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">4&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="84%" colSpan=9>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Sources: IBGE, Funda&#231;&#227;o Get&#250;lio Vargas, Central Bank and CETIP. &nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="84%" colSpan=9>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)The IPCA is a consumer price index measured by the IBGE. &nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="84%" colSpan=9>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(2)The IGP-M is the general market price index measured by the Funda&#231;&#227;o Get&#250;lio Vargas. &nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="84%" colSpan=9>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(3)The Interbank Deposit Rate, or CDI, represents the average interbank deposit rate performed during a given day in Brazil (accrued as of the&nbsp;last month of the period, annualized). </FONT></P></TD></TR>

<TR height=0>

   <TD width="19%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="16%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

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

   <TD width="1%">&nbsp;</TD>

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

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Effects of Exchange Rate Fluctuations</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our export revenues are substantially denominated in U.S. dollars.&nbsp; Our domestic revenues are denominated in Brazilian </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A significant portion of our cost of products sold is commoditized raw materials, the prices of which are denominated in U.S. dollars.&nbsp; The balance of our cost of products sold and our cash operating expenses (i.e., operating expenses apart from depreciation and amortization) are denominated in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The appreciation of the U.S. dollar against the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> has the following effects on the results of our operations expressed in U.S. dollars:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Domestic revenues tend to be lower (in comparison with prior years) and this effect is magnified to the extent to which we sell more products than usual in the domestic as opposed to the export market;</FONT></P></DIV>

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<P style="TEXT-ALIGN: center">66</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<a name="_bclHeader71"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The impact of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">denominated costs of products sold and operating costs tend to be lower; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financial expenses are increased to the extent to which the exposure to dollar-denominated debt is not protected.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The appreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> against the U.S. dollar has the following effects on the results of our operations expressed in U.S. dollars:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Domestic revenues tend to be higher (in comparison with prior years) and this effect is magnified to the extent to which we sell more products than usual in the domestic market;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The impact of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> denominated costs of products sold and operating costs tends to be higher; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financial income is increased to the extent to which the exposure to dollar-denominated debt is not protected.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The impact of fluctuations in the exchange rate of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> against other currencies on the results of our operations can be seen in the &#8220;foreign exchange and monetary gain (loss), net&#8221; line in our income statement, although that amount is partially offset by the net financial income (or expense) attributable to the profit (or loss) on the derivative transaction of our foreign currency-denominated debt. In order to minimize the effects of the exchange rate fluctuations, we often engage in derivative transactions, including currency swap and foreign currency option agreements.&nbsp; For a discussion of the possible impact of fluctuations in the foreign currency exchange and interest rates on our principal financial instruments and positions, see &#8220;Item 11. Quantitative and Qualitative Disclosures About Market Risk.&#8221;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Effects of Inflation and Interest Rates</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Inflation rates in Brazil have been significantly volatile in the past. Inflation rates remained relatively stable from 2003 to 2004, decreased in 2005 and 2006 and increased in 2007 and 2008.&nbsp; In 2009, for the first time since its creation in 1989, the IGP-M inflation index recorded a deflation in a calendar year, equivalent to 1.71%. In 2010 and 2011 the index increased 11.3% and 5.1%, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Inflation affects our financial performance by increasing some of our costs and expenses denominated in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> that are not linked to the U.S. dollar.&nbsp; Our cash costs and operating expenses are substantially denominated in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and have tended to follow the Brazilian inflation ratio because our suppliers and service providers generally increase or decrease prices to reflect Brazilian inflation.&nbsp; In addition, some of our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">-denominated debt is indexed to take into account the effects of inflation.&nbsp; Under this debt, the principal amount is generally adjusted with reference to inflation indexes.&nbsp; In addition, a significant portion of our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">-denominated debt bears interest based on the Interbank Deposit Certificate (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Certificado de Dep&#243;sito Interbanc&#225;rio</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), or CDI, rate which is partially adjusted for inflation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The table below shows the Brazilian general price&nbsp;index and the CDI rates&nbsp;for the periods shown.</FONT></P>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2011</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2010</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2009 </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Inflation (IGP-M) <SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">11.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(1.7%)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CDI <SUP>(2)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">11.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9.8%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">_______________</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Source: Funda&#231;&#227;o Get&#250;lio Vargas, or FGV, and CETIP. &nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1) The IGP-M inflation is the general market price index measured by the FGV. &nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2) The Interbank Deposit Rate, or CDI, represents the average interbank deposit rate performed during a given day in Brazil (accrued as of the last month of the period, annualized).</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Accounting for mining production utilized by our steel production</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are currently self-sufficient regarding the iron ore used in our steel production.&nbsp; The iron ore required is extracted from our Casa de Pedra mine, which in 2011 amounted to approximately 6.8&nbsp;million tons of its total iron </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ore production of approximately 20.1&nbsp;million tons</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; The remainder of the iron ore production is sold to third parties in Brazil and throughout the world.</FONT></P></DIV>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The cost of iron ore sold is recorded on our income statement in the cost of goods sold line item at its extraction cost plus transport from the mine. In 2011, 2010 and 2009, these costs were R$283 million, R$239&nbsp;million and R$221&nbsp;million, respectively.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Critical Accounting Estimates </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We prepared our consolidated financial statements as of and for the year ended December 31, 2011 in accordance with IFRS, as issued by the IASB. In preparing our consolidated financial statements, we make estimates concerning a variety of matters. Some of these matters are highly uncertain, and our estimates involve judgments we make based on the information available to us. In the discussion below, we have identified several of these matters for which our financial presentation would be materially affected if either (1) we used different estimates that we could reasonably have used or (2) in the future we change our estimates in response to changes that are reasonably likely to occur.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This discussion addresses only those estimates that we consider most important based on the degree of uncertainty and the likelihood of a material impact if we used a different estimate. There are many other areas in which we use estimates about uncertain matters, but the reasonably likely effect of changed or different estimates is not material to our financial presentation.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Impairment of long-lived assets, intangible assets, goodwill and financial assets</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In accordance with IAS 36 &#8220;Impairment of assets&#8221;, long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.&nbsp;Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset.&nbsp;If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A determination of the fair value of an asset requires management to make certain assumptions and estimates with respect to projected cash inflows and outflows related to future revenues and expenditures. These assumptions and estimates can be influenced by different external and internal factors, such as economic and industry trends, interest rates and changes in the marketplace. A change in the assumptions and estimates that we use could change our estimate of the expected future net cash flows and lead to the recognition of an impairment charge in results of operations relating to our property, plant and equipment.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Assets that have an indefinite useful life, such as goodwill, are not subject to amortization and are tested annually for impairment in accordance with IAS 36 &#8220; Impairment of assets&#8221;. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Goodwill is allocated to Cash-Generating Units (CGUs) for impairment testing purposes. The allocation is made to Cash-Generating Units or groups of Cash-Generating Units that are expected to benefit from the business combination from which the goodwill arose, and the unit is not greater than the operating segment.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financial assets are reviewed for impairment at the end of each reporting period and we asses whether there is objective evidence that a financial asset or a group of financial assets is impaired. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">On December 31, 2011, we owned, directly and indirectly, 20.14% of the preferred shares (USIM5) and 11.97% of the common shares (</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">USIM3) of Usinas Sider&#250;rgicas de Minas Gerais S.A. (&#8220;Usiminas&#8221;), resulting from various acquisitions on the stock exchange since mid-2010. The instruments are classified as financial instruments available for sale and measured at their fair value based on their quoted market price in the Brazilian stock exchange (BOVESPA) on December 31, 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Considering the decline in market value of the shares of Usiminas during 2011, we evaluated whether, at the balance sheet date, there is objective evidence of impairment of our investments in Usiminas. The Company performed a detailed analysis of the percentage and period of decline, characteristics of the instruments, the segment in which Usiminas operates and volatility of the instruments. We consider that during the period under analysis there have not been significant changes with an adverse effect in the technological, market, economic and legal environment in which Usiminas operates.&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Based on that, we concluded that the decline in market value relative to their price of acquisition of the common and preferred shares on December 31, 2011 is not significant or prolonged, and consequently have not reclassified losses thus far recognized in other comprehensive income. For a more detailed description of our policy regarding impairment of financial assets, see Note 15.II. to the consolidated financial statements included in &#8220;Item 18. Financial Statements.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Depreciation and amortization</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The basis for calculation of depreciation is the cost of the asset less the estimated residual value upon sale. While no specific depreciation method is recommended, the method chosen should be applied consistently for all significant components of assets and allocation of the depreciation should be on a systematic basis for each one of the accounting periods that best represents the realization of the economic benefits during the usable lives of assets.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A review of the estimated useful life was conducted, and the adjustments in the depreciation of assets recorded in property, plant and equipment were made on a prospective basis as from January 1, 2010. In light of the necessity to review useful lives at least every financial year, in 2011 management performed the review for all the Company&#8217;s units. See further details in Note 12 to our consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fair value of business combinations</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We estimate the fair value of assets acquired and liabilities assumed of our business combinations as required by IFRS 3 &#8220;Business Combination&#8221;. Accordingly, when determining the purchase price allocations of our business acquisitions, we adjust to fair value certain items such as inventories, property, plant and equipment, mines, present value of long-term assets and liabilities, among others, which are determined by independent appraisals that perform the valuations for us.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Goodwill represents the excess of the cost of an acquisition over the Company&#8217;s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If there is any negative goodwill determined by the acquirer in the fair value of the assets, liabilities and contingent liabilities acquired in relation to the cost of acquisition, the Company should recognize it immediately in the statement of income.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company elected not to remeasure the business acquisitions that occurred prior to January 1, 2009, according to the business combination exemption permitted by IFRS 1. Acquisitions subsequent to January 1, 2009 have been recognized in accordance with IFRS 3, &#8220;Business Combinations&#8221;.</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">IAS 39, &#8220; Financial Instruments: Recognition and Measurement&#8221;, requires that we recognize all derivative financial instruments as either assets or liabilities on our balance sheet and measure such instruments at fair value.&nbsp; Changes in the fair value of derivatives are recorded in each period in the statement of income or in other comprehensive income, in the latter case depending on whether a transaction is designated as an effective hedge.&nbsp; Our derivative instruments do not qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are immediately recorded in the statements of income under &#8220;Other gains (losses), net".&nbsp; Although the Company uses derivative for hedging purposes, it does not apply hedge accounting. With respect to the fair value measurement, we must make assumptions such as to future foreign currency exchange and interest rates.&nbsp; For a discussion of the possible impact of fluctuations in the foreign currency exchange and interest rates on our principal financial instruments and positions, see &#8220;Item 11.&nbsp; Quantitative and Qualitative Disclosures About Market Risk.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pension plans</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We sponsor defined benefit pension plans covering some of our retirees.&nbsp; We account for these benefits in accordance with IAS 19, &#8220;Employee Benefits,&#8221;. The determination of the amount of our obligations for pension benefits depends on certain actuarial assumptions.&nbsp; These assumptions are described in Note 28 to our consolidated financial statements and include, among others, the expected long-term rate of return on plan assets and increases in salaries.&nbsp; In accordance with IFRS, when the benefits of a plan are increased, the portion of the increased benefit related to past services of employees is recognized under the straight-line method over the average period until the benefits become vested.&nbsp; When the benefits become immediately vested, the expense is immediately recognized in profit or loss. The Company has chosen to recognize all the actuarial gains and losses resulting from defined benefit plans immediately in other comprehensive income.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Some of the Company&#8217;s entities offered a postretirement healthcare benefit to their employees. The right to these benefits is usually contingent upon an employee remaining in employment until the retirement age as well as the completion of the minimum length of service. The expected costs of these benefits were accumulated during the employment period, and are calculated using the same accounting method used for the defined benefit pension plans.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Deferred taxes</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We compute and pay income taxes based on results of operations determined under Brazilian Corporate Law.&nbsp; A deferred income tax liability is recognized for all temporary tax differences, while a deferred income tax asset is </FONT>


<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">recognized only to the extent that it is probable that future taxable profit will be available against which the deductible temporary difference can be utilized. Deferred tax assets and liabilities are classified as long-term. Tax assets and liabilities are offset if the entity has a legally enforceable right to offset them and they are related to taxes levied by the same taxing authority. If the criterion for offset of current tax assets and liabilities is met, deferred tax assets and liabilities will also be offset. The income tax related to items recognized directly in equity in the current period or in a prior period is recognized directly in the same account. We regularly review the deferred income tax assets for recoverability and will only recognize these if we believe that it is probable that the deferred income tax assets will be realized, based on historical taxable income, projected future taxable income, and the expected timing of the reversals of existing temporary differences. If we operate at a loss or are unable to generate sufficient future taxable income, or if there is a material change in the actual effective tax rates or discount rates, the time period over which the underlying temporary differences become taxable or deductible, or any change in its future projections, we reduce the carrying amount of deferred income tax assets to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred income tax asset to be realized.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Contingencies and disputed taxes</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We record provisions for contingencies relating to legal proceedings with respect to which we deem the likelihood of an unfavorable outcome to be probable and the loss can be reasonably estimated. This determination is made based on the legal opinion of our internal and external legal counsel. We believe these contingencies are properly recognized in our financial statements in accordance with IAS 37 &#8220;Provision, Contingent Liabilities and Contingent Assets&#8221;.&nbsp; We are also involved in judicial and administrative proceedings that are aimed at obtaining or defending our legal rights with respect to taxes that we believe to be unconstitutional or otherwise not required to be paid by us.&nbsp; We believe that these proceedings will ultimately result in the realization of contingent tax credits or benefits that can be used to settle direct and indirect tax obligations owed to the Brazilian Federal or State Governments or to settle municipal tax obligations owed to the corresponding Municipality as per our laws.&nbsp; We do not recognize these contingent tax credits or benefits in our financial statements until realization of such gain contingencies has been resolved.&nbsp; This occurs when a final irrevocable decision is rendered by the courts in Brazil.&nbsp; When we use contingent tax credits or benefits based on favorable temporary court decisions that are still subject to appeal to offset current direct or indirect tax obligations, we maintain the legal obligation accrued in our financial statements until a final irrevocable judicial decision on those contingent tax credits or benefits is rendered.&nbsp; The accrual for the legal obligation related to the current direct or indirect tax obligations offset is not reversed until such time as the utilization of the contingent tax credits or benefits is ultimately realized.&nbsp; The accounting for the contingent tax credits is in accordance with accounting for contingent assets under IAS 37. Our accruals include interest on the tax obligations that we may offset with contingent tax credits or benefits at the interest rate defined in the relevant tax law.&nbsp; The recorded accruals for these disputed taxes and other contingencies may change in the future due to new developments in each matter, such as changes in legislation, irrevocable, final judicial decisions specific to us, or changes in approach, such as a change in settlement strategy in dealing with these matters.&nbsp; See &#8220;Item 8A.&nbsp; Consolidated Statements and Other Financial Information&#8212;Legal Proceedings&#8221; for further information on the judicial and administrative proceedings in which we are involved.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Allowance for doubtful accounts</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We consider a provision for bad debts in our trade accounts receivable in order to reflect our expectation as to the net realizable value thereof. This provision is estimated based on an analysis of our receivables and is periodically reviewed to maintain real expectation of collectability of our accounts receivable.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Property, Plant and Equipment</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 105%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In accordance with our accounting policy, the cost of maintenance in operating assets is capitalized when it does not occur annually and results in an increase in the useful life of the asset. Depreciation is recognized on an accrual basis until the next maintenance event of the relevant asset. Expenditures for maintenance and repairs in operating assets, that are necessary to maintain assets under normal conditions of use, are charged to operating costs and expenses, as incurred. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 105%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December 31, 2010 and 2011 the amount capitalized was R$495 million and R$655 million respectively and the amount expended was R$856 million and R$969 million, respectively. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Recently Issued Accounting Pronouncements Adopted and Not Adopted by Us</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">For a description on the recently issued accounting pronouncements, see Note 2 to our consolidated financial statements contained in &#8220;Item 18.&nbsp; Financial Statements&#8221;. We prepared our consolidated financial statements as of and for the year ended December 31, 2011 in accordance with IFRS, as issued by the IASB.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Results of Operations</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table presents certain financial information with respect to our operating results for each of the years ended December&nbsp;31, 2011, 2010 and 2009 and the percentage change in each of these items comparing 2011 to 2010 and 2010 to 2009:</FONT></P>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Cost of products sold</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(5,225)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(9,801)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(7,883)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(7,211)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Gross Profit</FONT></B></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,582 </FONT></B></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">6,719 </FONT></B></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">6,568 </FONT></B></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,768 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=red face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(604)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(482)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(447)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(307)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(576)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Other Expenses</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(267)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(501)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(599)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(648)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Other Income</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">383 </FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">719 </FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">49 </FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,369 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(513)</FONT></B></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(962)</FONT></B></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(1.569)</FONT></B></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(206)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,069 </FONT></B></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">5,757 </FONT></B></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(1,069)</FONT></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(2,006)</FONT></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,000 </FONT></B></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,751</FONT></B></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Income Tax </FONT></B></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(73)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(136)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(363)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(577)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">28 </FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">52 </FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(207)</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(123)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,955 </FONT></B></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,667 </FONT></B></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,516 </FONT></B></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,955 </FONT></B></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,667 </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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,516 </FONT></B></P></TD>

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

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></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: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Loss&nbsp;attributable to noncontrolling interest</FONT></B></P></TD>

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

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

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">(21) </FONT></B></P></TD>

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

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(39)</FONT></B></P></TD>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">- </FONT></B></P></TD>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

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

<TR style="HEIGHT: 1pt">

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">Net income&nbsp;attributable to Companhia Sider&#250;rgica Nacional</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">1,976 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,706 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,516 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,619 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Year 2011 Compared to Year 2010 </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition to the consolidated figures reported above, the Company reports its integrated operations in five business segments:&nbsp; steel, mining, cement, logistics (including Port and Railway) and energy. The operating results </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">of each segment are disclosed separately.&nbsp; The information on CSN&#8217;s five business segments is derived from the accounting data, together with allocations and the apportionment of costs among the segments.</FONT></P></DIV>

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<P style="TEXT-ALIGN: center">71</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">

<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our consolidated results for the years ended December 31, 2011 and 2010 by business segment are presented below: </FONT></P>

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<TABLE style="WIDTH: 100%; BACKGROUND: white" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 1pt">

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">R$ million</FONT></B></P></DIV></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Logistics</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Year Ended December 31, 2011</FONT></B></P></DIV></TD></TR>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Consolidated Results</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Steel</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Mining</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Port Logistics</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Railway Logistics</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Cement</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Energy</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Eliminations</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Consolidated</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Net operating revenues</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">9,478</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">5,942</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">143</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,023</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">333</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">183</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(582)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">16,520</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 10.35pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Domestic Market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">8,190</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">834</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">143</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,023</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">333</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">183</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(565)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">10,142</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 10.35pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Export Market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,287</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">5,108</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(17)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">6,378</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Cost of goods sold</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(7,038)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2,185)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(85)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(667)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(268)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(105)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">549</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(9,801)</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Gross profit</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,440</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,757</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">57</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">356</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">65</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">78</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(33)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">6,719</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Adjusted EBITDA</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,575</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,768</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">45</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">371</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">20</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">75</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(386)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">6,468</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 10pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">R$ million</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 10pt 0cm 0pt; BACKGROUND: white" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 10pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Year Ended December 31, 2010</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Consolidated Results</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Steel</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Mining</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Port Logistics</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Railway Logistics</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Cement</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Energy</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Eliminations</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Consolidated</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Net operating revenues</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">9,926</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,615</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">119</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">838</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">202</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">114</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(364)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">14,451</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 10.35pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Domestic Market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">8,763</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">574</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">119</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">838</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">202</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">114</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(364)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">10,247</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 10.35pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Export Market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,163</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,041</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">4,204</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Cost of goods sold</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(6,226)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1,252)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(70)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(522)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(164)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(42)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">393</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(7,883)</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Gross profit</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,700</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,363</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">49</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">317</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">38</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">72</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">29</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">6,568</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Adjusted EBITDA</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,776</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,439</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">38</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">349</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">9</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">69</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(325)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">6,355</FONT></B></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net Operating Revenues</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net operating revenues were R$16,520&nbsp;million in 2011, an increase of R$2,069&nbsp;million, or 14.3%, from R$14,451&nbsp;million recorded in 2010, mainly due to the increase in our mining revenues, which represent 35% of our total revenues.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total net revenues of exports and sales abroad increased 51.7%, from R$4,204&nbsp;million in 2010 to R$6,378&nbsp;million in 2011, while net domestic revenues decreased 1.0%, from R$10,247&nbsp;million in 2010 to R$10,142&nbsp;million in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel net operating revenues decreased R$448&nbsp;million, or 4.5%, from R$9,926&nbsp;million in 2010 to R$9,478&nbsp;million in 2011, mainly due to a decrease in average steel prices, partially offset by the 2.1% increase in sales volume from 4,796&nbsp;million tons in 2010 to 4,896&nbsp;million tons in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel net domestic revenues decreased 6.5%, from R$8,763&nbsp;million in 2010 to R$8,190&nbsp;million in 2011, mainly due to a decrease in average steel prices in the domestic market, partially offset by the 1.9% increase in sales volume from 4,135 thousand tons in 2010 to 4,216 thousand tons in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel net revenues from exports and sales abroad increased 10.7%, from R$1,163&nbsp;million in 2010 to R$1,287&nbsp;million in 2011, with increases in average steel prices in the international market as well as an increase in sales volumes, from 661 thousand tons in 2010 to 680 thousand tons in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining net operating revenues increased R$2,327&nbsp;million, or 64.4%, from R$3,615&nbsp;million in 2010 to R$5,942&nbsp;million in 2011, primarily due to higher international prices and the increase in sales volume.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining net domestic revenues increased R$260&nbsp;million, or 45.3%, from R$574&nbsp;million in 2010 to R$834&nbsp;million in 2011, mainly due to the increase in average iron ore prices, partially offset by the decrease of 4.1% </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">in sales volume from 1,520 thousand tons in 2010 to 1,457 thousand tons in 2011, a function of our strategy of increasing iron ore exports.</FONT></P></DIV>

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<P style="TEXT-ALIGN: center">72</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">

<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining net export revenues increased R$2,067&nbsp;million, or 68.0%, from R$3,041&nbsp;million in 2010 to R$5,108&nbsp;million in 2011, primarily due to the increase in international iron ore prices driven by the strong demand, mainly from China, and the increase of 31.4% in sales volume, from 17,035 thousand tons in 2010 to 22,392 thousand tons in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Logistics</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Logistics net operating revenues in 2011 were R$1,166&nbsp;million, an increase of 21.8% as compared with the net logistics operating revenues of R$957&nbsp;million reported in 2010. In 2011, net revenue from railway logistics totaled R$1,023&nbsp;million and net revenue from port logistics amounted to R$143&nbsp;million, while in 2010, net revenue from railway logistics totaled R$838&nbsp;million and net revenue from port logistics amounted to R$119&nbsp;million.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cement</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As we continue the ramp-up of our cement plant in Volta Redonda, we significantly increased sales in 2011, reaching 1,755 thousand tons, which represents a growth of 76.9% when compared to 2010.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As a consequence, in 2011, net revenues from the cement segment totaled R$333&nbsp;million, an increase of 65.0% from 2010 net revenues of R$202&nbsp;million.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Energy</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011 our net operating revenues from the energy segment totaled R$183&nbsp;million, an increase of R$69&nbsp;million as compared with net operating revenues of R$114&nbsp;million reported in 2010 in this segment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cost of Products Sold</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, consolidated cost of products sold amounted to R$9,801&nbsp;million, representing a 24.3% increase as compared to R$7,883&nbsp;million recorded in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Consolidated steel costs were R$7,038&nbsp;million in 2011, representing a 13.0% increase as compared to the R$6,226&nbsp;million recorded in 2010, mainly due to the increase in raw materials costs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other than the periodic sale of excess inventories and the purchase by our subsidiaries of semi-finished products from third parties for further processing, our cost of products sold is equivalent to our steel production cost.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth our steel production costs, the production costs per ton of steel and the portion of production costs attributable to the primary components of our costs of production.&nbsp; With the exception of coal and coke, which we import, and some metals (such as aluminum, zinc and tin) with domestic prices linked to international prices, our costs of production are mostly denominated in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">2011</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Raw Materials</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">R$ million</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">R$ / ton</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">R$ million</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">R$ / ton</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Iron Ore</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">283 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">56.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">4.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">239 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">47.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">4.3%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Coal</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">1,249 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">250.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">20.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">1,239 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">243.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">22.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Coke</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">575 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">115.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">9.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">382 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">75.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">6.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Metals</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">275 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">55.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">4.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">244 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">48.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">4.3%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Outsourced Slabs and Hot Coils</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">221 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">44.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">3.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">272 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">53.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">4.9%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Pellets</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">276 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">55.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">4.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">169</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">33.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">3.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Scrap</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">110 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">22.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">1.8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">64 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">12.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">1.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 18pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Other<SUP>(1)</SUP></FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">237 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">47.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">4.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">274 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">53.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">4.9%</FONT></P></TD></TR>

<TR style="HEIGHT: 18.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><SUP><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">(1) </FONT></SUP><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Times New Roman">Includes limestone and dolomite</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Energy / Fuel</FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">565 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">113.3 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">9.5%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">561 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">110.3 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">10.1%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Labor</FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">607 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">121.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">10.2%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">570 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">112.1 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">10.2%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Services and Maintenance</FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">716 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">143.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">12.0%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">743 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">146.1 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">13.3%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Tools and Supplies</FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">268 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">53.8 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">4.5%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">269 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">52.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">4.8%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Depreciation</FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">562 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">112.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">9.4%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">489 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">96.2 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">8.7%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Other</FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">27 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">5.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">0.5%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">59 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">16.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">1.5%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=right>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="Times New Roman">Total Steel Cost Production</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">5,970 </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">1,197.1 </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">100.0%</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">5,574 </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">1,101.3 </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face="Times New Roman">100.0%</FONT></B></P></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, our steel production costs were R$5,970&nbsp;million, a 7.1%, or R$396&nbsp;million, increase from the R$5,574&nbsp;million reported in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are self-sufficient in almost all the raw materials used in the production of steel.&nbsp; The principal raw materials we use in our integrated steel mill include iron ore, coke, coal (from which we produce most of our coke necessities), limestone, dolomite, aluminum, tin and zinc.&nbsp; In addition, our production operations consume water, gases, electricity and ancillary materials.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We obtain all of our iron ore requirements from our Casa de Pedra mine located in the state of Minas Gerais, and the limestone and dolomite from our Bocaina mine in the city of Arcos, in the state of Minas Gerais.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The coal and coke we consume are acquired from different international producers &#8220;See Item 4B - Raw Materials and Suppliers&#8221;. In the first half of 2011, given the mismatch between supply and demand, there was an increase in the price of some raw materials used in steelmaking. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our coke costs increased R$193 million or 50.5%, from R$382&nbsp;million in 2010 to R$575&nbsp;million in 2011, corresponding to 9.6% of our steel production cost, due to the increase in consumption and higher average prices. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The costs of pellets increased R$107 million or 63%, from R$169&nbsp;million in 2010 to R$276&nbsp;million in 2011, principally due to increase in consumption but also due to higher average prices</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Depreciation costs increased R$73 million from R$489 million in 2010 to R$562 million in 2011, mainly due to asset additions.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our mining costs of products sold totaled R$2,185&nbsp;million in 2011, an increase of R$933 million, or 74.5%, as compared&nbsp;to the R$1,252&nbsp;million reported in 2010, mainly due to the increase in sales volume of iron ore. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Logistics</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, cost of services attributable to our logistics segment totaled R$752&nbsp;million, representing a 27.0% increase as compared to the R$592&nbsp;million reported in 2010, mainly due to the increase in the cost of railway logistics, which totaled R$667 million in 2011, a 27.8% increase (equivalent to R$145 million) from the R$522 million reported in 2010. The railway logistics represented 89% of the total logistics costs in 2011 and 88% of the total logistics costs in 2010. In addition, cost of services from port logistics totaled R$85&nbsp;million, a 21.4% increase from the R$70&nbsp;million reported in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cement</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cost of products sold attributable to our cement segment reached R$268&nbsp;million in 2011, R$104&nbsp;million, or 63.4% up from the R$164&nbsp;million reported in 2010, mainly due to an increase in sales, as described above.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Energy</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, cost of products sold attributable to our energy segment was R$105&nbsp;million, an increase of R$63 million or 150.0% as compared with the R$42&nbsp;million reported in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross Profit</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross profit totaled R$6,719 million in 2011, an increase of 2.3% or R$151 million as compared to R$6,568 million on 2010, due to the increase of R$2,069 million in net operating revenues, partially offset by the increase of R$1,918 million in cost of products sold.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross profit in the steel segment totaled R$2,440 million in 2011, a decrease of R$1,260&nbsp;million, or 34.1%, from R$3,700&nbsp;million in 2010, due to the increase of R$812 million in the cost of steel products sold, in light of the increase in raw material costs, and the decrease of R$448 million in steel net revenues due to the decrease in average steel prices. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our gross profit in the mining segment increased R$1,394&nbsp;million, or 59.0% from R$2,363&nbsp;million in 2010 to R$3,757&nbsp;million in 2011, mainly due to the increase of R$2,327&nbsp;million in mining net operating revenues, caused by higher international prices and increase in sales volume, partially offset by the increase of R$933 million in cost of products sold.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Logistics</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross profit in the logistics segment increased 12.8% from R$366&nbsp;million in 2010 to R$413&nbsp;million in 2011, due to the increase of R$209 million in net revenues, partially offset by the increase of R$160 million in the cost of products sold.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cement</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross profit in the cement segment increased R$27&nbsp;million or 68.4% from R$38&nbsp;million in 2010 to R$65&nbsp;million in 2011, due to the increase of R$131 million in net revenues, partially offset by the R$104 million increase in the cost of products sold.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Energy</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The energy segment reported in 2011 a gross profit of R$78&nbsp;million, an increase of 8.3% as compared with the R$72&nbsp;million reported in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Selling, General and Administrative Expenses </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, we recorded selling, general and administrative expenses of R$1,180&nbsp;million, a 15.8% increase from 2010. Selling expenses increased 25.3%, from R$482&nbsp;million in 2010 to R$604&nbsp;million in 2011, mainly due to expenses relating to iron ore freight. General and administrative expenses increased 7.3%, from R$537&nbsp;million in 2010 to R$576&nbsp;million in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other operating income (Expenses)</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, we recorded a net income of R$218 million in the &#8220;Other Revenue and Expenses&#8221; line-item, as compared to a net expense of R$551 million in 2010.&nbsp; The R$769 million increase was mostly due to the R$698 million from the sale of CSN&#8217;s entire interest in Riversdale Mining Limited in April 2011. </FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating Income</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating income increased by 15.2%, or R$759&nbsp;million, from R$4,998&nbsp;million in 2010 to R$5,757&nbsp;million in 2011.&nbsp;This increase was mainly </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">due to the R$698 million from the sale of CSN&#8217;s entire interest in Riversdale Mining Limited in April 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financial expenses (income), net</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, our net financial expenses increased by 5.0% or R$95&nbsp;million, from R$1,911&nbsp;million in 2010 to RS$2,006&nbsp;million in 2011, mainly due to the following items:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Interest income increased by 11.5%, or R$74&nbsp;million, from R$643&nbsp;million in 2010 to R$717&nbsp;million in 2011 mainly due to the increase of R$145&nbsp;million in returns on financial investments, due to the increases in cash and cash equivalents.&nbsp; This decrease was partially offset by the decrease of R$46&nbsp;million in other financial income;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Interest expense increased by 31.1%, or R$684&nbsp;million, from R$2,200&nbsp;million in 2010 to R$2,884&nbsp;million in 2011 mainly due to the increase of R$828&nbsp;million in interests on loans and financing, partially offset by an increase of R$138&nbsp;million in capitalized interest;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Foreign exchange and monetary variation net, including operations with derivatives, moved&nbsp; from a loss of R$354&nbsp;million in 2010 to a gain of R$161&nbsp;million in 2011, mainly resulting from the depreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> against the U.S. dollar. This depreciation affects:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our U.S. dollar-denominated gross debt;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our U.S. dollar-denominated cash and cash equivalents; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our trade accounts receivable and payable account receivables.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Income Taxes</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We recorded an expense for income tax and social contribution of R$84&nbsp;million in 2011, as compared to R$571&nbsp;million in 2010.&nbsp; Expressed as a percentage of pre-tax income, income tax expense decreased from 18.5% in 2010 to 2.2% in 2011. Income tax expense in Brazil refers to federal income tax and social contribution tax.&nbsp; The statutory rates for these taxes applicable to the periods presented herein were 25% for federal income tax and 9% for the social contribution. Therefore, the balances owed for these periods totaled R$1,275&nbsp;million in 2011 and R$1,050&nbsp;million in 2010 (34% of income before taxes and equity in affiliated companies).&nbsp; Adjustments are made to these rates in order to reach the actual tax expense for the years.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the year ended December&nbsp;31, 2011, adjustments totaled R$1,190 million and were comprised of: </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a R$1,279&nbsp;million adjustment related to equity income of subsidiaries at different rates or which are not taxable, which decreased tax expenses;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">tax incentives that represented a net tax adjustment of R$73&nbsp;million, which decreased tax expenses;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">tax incentives of R$44 million, which decreased tax expenses;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a R$16&nbsp;million adjustment related to non taxable income from the Federal Tax Repayment Program, or REFIS, which increased tax expenses; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">An adjustment of R$190 million related to sale of non-deductible securities, which increased tax expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the year ended December&nbsp;31, 2010, adjustments totaled R$478&nbsp;million and were comprised of:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a R$121&nbsp;million benefit from interest on stockholders&#8217; equity;&nbsp;</FONT></P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a R$217&nbsp;million adjustment related to equity income of subsidiaries at different rates or which are not taxable, which decreased tax expenses;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">tax incentives that represented a net tax adjustment of R$34&nbsp;million, which decreased tax expenses; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a R$106&nbsp;million benefit related to non taxable income from the Federal Tax Repayment Program, or REFIS, adjustments.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">It is not possible to predict the future adjustments to the federal income tax and social contribution at statutory rates, as they depend on interest on stockholder&#8217;s equity, tax incentives, non-taxable factors including income from offshore operations, and tax losses from offshore operations, especially when expressed as a percentage of income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net Income</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, we had a net income of R$3,667 million, a 45.7% increase as compared to 2010. The improved results were mainly due to the R$698 million from the sale of CSN&#8217;s entire interest in Riversdale Mining Limited in April 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Year 2010 Compared to Year 2009</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition to the consolidated figures reported above, the Company reports its integrated operations in five business segments:&nbsp; steel, mining, cement, logistics (including Port and Railway) and energy. The operating results of each segment are disclosed separately.&nbsp; The information on CSN&#8217;s five business segments is derived from the accounting data, together with allocations and the apportionment of costs among the segments.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our consolidated results for the years ended December 31, 2010 and 2009 by business segment are presented below: </FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Logistics</FONT></B></P></TD>

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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: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Year Ended December 31, 2010</FONT></B></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Consolidated Results</FONT></B></P></DIV></TD>

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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: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Steel</FONT></B></P></DIV></TD>

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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: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Mining</FONT></B></P></DIV></TD>

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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: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Port Logistics</FONT></B></P></DIV></TD>

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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: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Railway Logistics</FONT></B></P></DIV></TD>

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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: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Cement</FONT></B></P></DIV></TD>

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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: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Energy</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Eliminations</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Consolidated</FONT></B></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Net operating revenues</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">9,926</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,615</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">119</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">838</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">202</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">114</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(364)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">14,451</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 10.35pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Domestic Market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">8,763</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">574</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">119</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">838</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">202</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">114</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(364)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">10,247</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 10.35pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Export Market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,163</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,041</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">4,204</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Cost of goods sold</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(6,226)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1,252)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(70)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(522)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(164)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(42)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">393</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(7,883)</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Gross profit</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,700</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,363</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">49</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">317</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">38</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">72</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">29</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">6,568</FONT></B></P></DIV></TD></TR></TABLE></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; BACKGROUND: white" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Adjusted EBITDA</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,776</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,439</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">38</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">349</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">9</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">69</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(325)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">6,355</FONT></B></P></DIV></TD></TR></TABLE></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; BACKGROUND: white" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 10pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">R$ million</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 10pt 0cm 0pt; BACKGROUND: white" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 10pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Year Ended December 31, 2009</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Consolidated Results</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Steel</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Mining</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Port Logistics</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Railway Logistics</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Cement</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Energy</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Eliminations</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Consolidated</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Net operating revenues</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">8,201</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,964</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">144</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">823</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">60</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">117</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(330)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">10,978</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 10.35pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Domestic Market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">7,046</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">247</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">144</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">823</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">60</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">117</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(330)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">8,107</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 10.35pt; BACKGROUND: white"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Export Market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,156</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,716</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,872</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Cost of goods sold</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(5,692)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1,248)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(76)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(464)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(61)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(43)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">373</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(7,211)</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Gross profit</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,509</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">716</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">69</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">358</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">73</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">43</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,768</FONT></B></P></DIV></TD></TR></TABLE></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; BACKGROUND: white" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Adjusted EBITDA</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,623</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">811</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">65</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">410</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(8)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">74</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(353)</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,621</FONT></B></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net Operating Revenues</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net operating revenues were R$14,451&nbsp;million in 2010, an increase of R$3,473&nbsp;million, or 31.6%, from R$10,978&nbsp;million recorded in 2009, mainly due to the increase in steel and mining revenues, segments that represent more than 90% of our total net revenues.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net domestic revenues increased 26.4%, from R$8,107&nbsp;million in 2009 to R$10,247&nbsp;million in 2010, while total net export revenues increased 46.4%, from R$2,872&nbsp;million in 2009 to R$4,204&nbsp;million in 2010.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel net operating revenues increased R$1,725&nbsp;million, or 21.0%, from R$8,201&nbsp;million in 2009 to R$9,926&nbsp;million in 2010, mainly due to the 16.7% increase in steel sales volume from 4,110&nbsp;million tons in 2009 to 4,796&nbsp;million tons in 2010 and to the increase of 5.0% in the steel average prices.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel net domestic revenues increased 24.4%, from R$7,046&nbsp;million in 2009 to R$8,763&nbsp;million in 2010, due to the increase of 27.5% in domestic sales volume from 3,243&nbsp;million in 2009 to 4,135&nbsp;million in 2010, given the increase in demand.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel net export revenues increased 0.6%, from R$1,156&nbsp;million in 2009 to R$1,163&nbsp;million in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining net operating revenues increased R$1,651&nbsp;million, or 84.1%, from R$1,964&nbsp;million in 2009 to R$3,615&nbsp;million in 2010 primarily due to higher international prices and the increase in sales volume.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining net domestic revenues increased R$327&nbsp;million, or 132.4%, mainly due to the increase of 113.2% in domestic sales volume from 713&nbsp;million tons in 2009 to 1,520&nbsp;million in 2010, given the increase in demand.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining net export revenues increased R$1,325&nbsp;million, or 77.2%, from R$1,716&nbsp;million in 2009 to R$3,041&nbsp;million in 2010, primarily due to the increase in international iron ore prices driven by the strong demand, mainly from China.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Logistics</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Total logistics net operating revenues in 2010 achieved R$957&nbsp;million, a reduction of 1.0% as compared with the net logistics operating revenues of R$967&nbsp;million reported in 2009. In 2010, net revenue from railway logistics totaled R$838&nbsp;million and net revenue from port logistics amounted to R$119&nbsp;million, while in 2009, net revenue from railway logistics totaled R$823&nbsp;million and net revenue from port logistics amounted to R$144&nbsp;million.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cement</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In May&nbsp;2009, we began producing cement in our new plant in Volta Redonda, adjacent to the Presidente Vargas Steelworks, adding value to the slag generated during steel production.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As we operated the plant during the whole year, in 2010 we increased significantly the sales of cement, reaching 992 thousand tons, a 193.5% increase over 2009.&nbsp; This increase in sales does not consider the full operation of our cement segment, which is in process of growth.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As a consequence, in 2010, net revenue from cement segment totaled R$202&nbsp;million, an increase of 236.7% from 2009 net revenue of R$60&nbsp;million.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Energy</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010 our net operating revenues from the energy segment totaled R$114&nbsp;million, a decrease of R$3&nbsp;million as compared with the net operating revenues of R$117&nbsp;million reported in 2009 in this segment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cost of Products Sold</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010, consolidated cost of products sold amounted to R$7,883&nbsp;million, representing a 9.3% increase as compared to R$7,211&nbsp;million recorded in 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Consolidated steel costs were R$6,266&nbsp;million in 2010, representing a 9.4% increase as compared to the R$5,693&nbsp;million recorded in 2009, mainly as a result of higher sales, partially offset by the greater dilution of fixed costs.</FONT></P>

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<P style="TEXT-ALIGN: center">78</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other than the sale of excess inventories from time to time and the purchase by our subsidiaries of semi-finished products from third parties for further processing, our cost of products sold is equivalent to our steel production cost.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth our steel production costs, the production costs per ton of steel and the portion of production costs attributable to the primary components of our costs of production.&nbsp; With the exception of coal and coke, which we import, and some metals (such as aluminum, zinc and tin) with domestic prices linked to international prices, our costs of production are mostly denominated in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT size=2></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="13%"></TD>

   <TD width="11%"></TD>

   <TD width="9%"></TD>

   <TD width="11%"></TD>

   <TD width="12%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>R$ million</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Raw Materials</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>R$ million</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>R$ / ton</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>R$ million</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>R$ / ton</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Iron Ore</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>239</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>47.0</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>4.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>221</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>50.6</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>4.9%</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Coal</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>1,239</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>243.7</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>22.1%</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>1,042</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>238.7</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>22.9%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Coke</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>382</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>75.1</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>6.8%</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>378</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>86.6</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>8.3%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Metals</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>244</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>48.0</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>4.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>174</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>39.9</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>3.8%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Outsourced Slabs and Hot Coils</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>272</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>53.5</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>4.9%</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>62</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>14.2</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>1.4%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Pellets</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>169</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>33.2</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>3.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>59</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>13.5</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>1.3%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Scrap</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>64</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>12.6</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>1.1%</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>100</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>22.9</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2.2%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Other (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>274</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>53.9</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>4.9%</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>201</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>46.0</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>4.4%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>(1) Include limestone and dolomite</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Energy / Fuel</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>561</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>110.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>10.1%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>436</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>99.9</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>9.6%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Labor</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>570</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>112.1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>10.2%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>468</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>107.2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>10.3%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Services and Maintenance</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>743</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>146.1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>13.3%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>657</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>150.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>14.4%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Tools and Supplies</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>269</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>52.9</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>4.8%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>221</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>50.6</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>4.9%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Depreciation</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>489</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>96.2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>8.7%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>417</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>95.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>9.2%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Other</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>59</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>16.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>1.5%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>120</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>27.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>2.6%</FONT></B>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>&nbsp; </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>&nbsp; </FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=left><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Total Steel Cost Production</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>5,574</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>1,101.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>100.0%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>4,556</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>1,043.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 align=right><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>100.0%</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010, our steel production costs were R$5,574&nbsp;million, a 22.3% or R$1,018&nbsp;million increase from R$4,556&nbsp;million reported in 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are self-sufficient in almost all the raw materials used in the steel production.&nbsp; The principal raw materials we use in our integrated steel mill include iron ore, coke, coal (from which we produce most of our coke necessities), limestone, dolomite, aluminum, tin and zinc.&nbsp; In addition, our production operations consume water, gases, electricity and ancillary materials.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We obtain all of our iron ore requirements from our Casa de Pedra mine located in the State of Minas Gerais, and the limestone and dolomite from our Bocaina mine in the city of Arcos, in the State of Minas Gerais.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The coal and coke we consume are acquired from different international producers &#8220;See Item Raw Materials and Suppliers&#8221;. During 2010, given the higher global demand for steel products, there was an increase in the consumption and in the prices of some commodities used for steelmaking.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our coal costs increased 18.9%, from R$1,042&nbsp;million in 2009 to R$1,239&nbsp;million in 2010, corresponding to 22.1% of our steel production cost, given the increase in consumption and higher average prices.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Production cost increased also due to the higher consumption of hot-rolled coils acquired from third parties in 2010.&nbsp; Those costs increased 338.7%, from R$62&nbsp;million in 2009 to R$272&nbsp;million in 2010 due to the acquisition, by the company, of semi-finished products from third-parties, to face the strong steel demand after the global economic crisis. This increase in steel demand was mainly noticed in the 1st half of 2010, as compared to the same period of 2009, when the world was in the middle of the economic crisis.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The costs of metals such as aluminum, zinc and tin also increased from R$174&nbsp;million in 2009 to R$244&nbsp;million in 2010, given the increase in consumption and higher prices.</FONT></P>

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<P style="TEXT-ALIGN: center">79</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other raw materials include pellets and scrap purchased in the market.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our mining costs totaled R$1.252&nbsp;million in 2010, an increase of 0.4% as compared with the R$1.248&nbsp;million reported in 2009, due to the 6.2% increase in sales volume.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Logistics</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010, cost of services attributable to our logistics segment totaled R$592&nbsp;million, representing a 9.6% (or R$52 million) increase as compared to the R$540&nbsp;million reported in 2009, mainly due to the increase in the cost of services of our railway logistics, which totaled R$522 million in 2010, a 12.5% increase (or R$58 million) from the R$464 million reported in 2009. The railway logistics represented 88% of the total logistics costs in 2010 and 86% of the total logistics costs in 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On the other hand, cost of services from port logistics totaled R$70&nbsp;million, a 7.9% decrease from the R$76&nbsp;million reported in 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cement</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cost of products sold attributable to our cement segment achieved R$164&nbsp;million in 2010, R$103&nbsp;million, or 168.8%, more than the R$61&nbsp;million reported in 2009, due to increase in sales, as described above.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Energy</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010, cost of products sold attributable to our energy segment was R$42&nbsp;million, in line with the R$43&nbsp;million reported in 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross Profit</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross profit increased R$2,800&nbsp;million, or 74.3%, from R$3,768&nbsp;million in 2009 to R$6,568&nbsp;million in 2010, due to the increase of R$3,473&nbsp;million in net operating revenues and the increase of R$672&nbsp;million in cost of products sold.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross profit in the steel segment increased R$1,191&nbsp;million, or 47.5%, from R$2,509&nbsp;million in 2009 to R$3,700&nbsp;million in 2010, due to the increase of R$1,725&nbsp;million in steel net revenues, driven by the increase in sales volume and in steel average prices, partially offset by the increase of R$533&nbsp;million in the cost of steel products sold.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our gross profit in the mining segment increased R$1,647&nbsp;million, or 230.1% from R$716&nbsp;million in 2009 to R$2,363&nbsp;million in 2010, mainly due to the increase of R$1,651&nbsp;million in mining net operating revenues due to higher international prices and the increase in sales volume.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Logistics</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross profit in the logistics segment decreased 14.3% in 2010, from R$427&nbsp;million in 2009 to R$366&nbsp;million in 2010, due to the decrease of 1.0% in net revenues and the increase of 9.6% in the cost of products sold.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cement</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gross profit in the cement segment increased R$39&nbsp;million, from a negative result of R$1&nbsp;million in 2009 to a positive result of R$38&nbsp;million in 2010, due to the increase of 236.7% in net revenues, partially offset by a&nbsp; 168.8% increase in the cost of products sold.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Energy</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The energy segment reported in 2010 a gross profit of R$72&nbsp;million, in line with the R$73&nbsp;million reported in 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Selling, General and Administrative Expenses </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010, we recorded selling, general and administrative expenses of R$1,019&nbsp;million, a 9.9% increase from 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Selling expenses increased 7.8%, from R$447&nbsp;million in 2009 to R$482&nbsp;million in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">General and administrative expenses increased 12%, from R$480&nbsp;million in 2009 to R$537&nbsp;million in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other operating&nbsp; income (Expenses)</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010, we recorded a net other expense of R$551&nbsp;million in the &#8220;Other Revenue and Expenses&#8221; line-item, as compared to a net revenue of R$721&nbsp;million in 2009.&nbsp; The R$1,272&nbsp;million reduction was principally due to the positive non-recurring effects in 2009 of the reverse merger of Big Jump Energy Participa&#231;&#245;es SA by our investee Namisa in the amount of R$835 million and our adherence of to the REFIS tax repayment program in the amount of R$505 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating Income</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating income increased by 40.3%, or R$1,437&nbsp;million, from R$3,561&nbsp;million in 2009 to R$4,998&nbsp;million in 2010.&nbsp; This increase was mainly due to the R$3,473&nbsp;million increase in net revenues, offset by the reduction on cost of product sold in the amount of R$665 million and the R$1,272&nbsp;million reduction in the &#8220;Other Revenue and Expenses&#8221; line, principally due to the positive non-recurring effects in 2009 of the reverse merger of Big</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Jump Energy Participa&#231;&#245;es SA by our investee Namisa in the amount of R$835 million and our adherence of to the REFIS tax repayment program in the amount of R$505 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financial expenses (income), net</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2010, our net financial expenses increased by 676.8%, or R$1,665&nbsp;million, from R$246&nbsp;million in 2009 to RS$1,911&nbsp;million in 2010, mainly due to the following items:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Interest income increased by 10%, or R$57&nbsp;million, from R$586&nbsp;million in 2009 to RS$643&nbsp;million in 2010 mainly due to the increase of R$118&nbsp;million in returns on financial investments, due to the increases in cash and cash equivalents.&nbsp; This decrease was partially offset by the decrease of R$58&nbsp;million in other financial income;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Interest expense increased by 16.3%, or R$308&nbsp;million, from R$1,892&nbsp;million in 2009 to RS$2,200&nbsp;million in 2010 mainly due to the increase of R$514&nbsp;million in interests on loans and financing in local currency and the increase of R$43&nbsp;million in interests on loans and financing in foreign currency.&nbsp; This was partially offset by the increase of R$130&nbsp;million in capitalized interests and the decrease of R$125&nbsp;million in losses from derivatives instruments;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Foreign exchange and monetary variation net, including operations with derivatives moved from a gain of R$1,060&nbsp;million in 2009 to a loss of R$354&nbsp;million in 2010 mainly affected by appreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> against the U.S. dollar. This appreciation affects:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our U.S. dollar-denominated gross debt;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our U.S. dollar-denominated cash and cash equivalents; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 72pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our trade accounts receivable and payable.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Income Taxes</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We recorded an expense for income tax and social contribution of R$571&nbsp;million in 2010, as compared to R$700&nbsp;million in 2009.&nbsp; Expressed as a percentage of pre-tax income, income tax expense decreased from 21.1% in 2009 to 18.5% in 2010. Income tax expense in Brazil refers to the collection of federal income tax and social contribution tax.&nbsp; The statutory rates for these taxes applicable to the periods presented herein were 25% for federal income tax and 9% for the social contribution. Therefore, the balances owed for these periods totaled R$1,050&nbsp;million in 2010 and R$1,127&nbsp;million in 2009 (34% of income before taxes and equity in affiliated companies).&nbsp; Adjustments are made to these rates in order to reach the actual tax expense for the years.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the year ended December&nbsp;31, 2010, adjustments totaled R$479&nbsp;million and were comprised of:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a R$121&nbsp;million benefit from interest on stockholders&#8217; equity;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a R$216&nbsp;million adjustment related to equity income of subsidiaries at different rates or which are not taxable;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">tax incentives that represented a net tax adjustment of R$34&nbsp;million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a R$106&nbsp;million benefit related to non taxable income from the Federal Tax Repayment Program, or REFIS, adjustments;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the year ended December&nbsp;31, 2009, adjustments totaled R$427&nbsp;million and were comprised of:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a R$109&nbsp;million benefit from interest on stockholders&#8217; equity;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a R$169&nbsp;million benefit related to equity income of subsidiaries at different rates or which are not taxable;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">tax incentives that represented a net tax adjustment of R$12&nbsp;million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a R$252&nbsp;million benefit related to non taxable income from the Federal Tax Repayment Program, or REFIS, adjustments; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">These increases were offset by other permanent exclusions in the amount of R$115&nbsp;million,&nbsp; mainly by the constitution of deferred income tax on the tax loss carryfowards of the subsidiary Prada.&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">It is not possible to predict the future adjustments to the federal income tax and social contribution at statutory rates, as they depend on interest on stockholder&#8217;s equity, non-taxable factors including income from offshore operations, and tax losses from offshore operations, especially when expressed as a percentage of income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Net Income</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2010, we had net income of R$2,516 million, a 4% decrease from 2009. The improved results in steel and mining segments were offset by the increase in other operating expenses due to non-recurring gains recorded in 2009 and the increase in financial expenses in 2010.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Adjusted EBITDA</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Adjusted EBITDA comprises 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><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our management uses adjusted EBITDA as a means of measuring the recurring generation capacity of operating cash, allowing for comparison criteria with other companies.</FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2010</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: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2009</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="38%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">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="3%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="18%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">6,468 </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="3%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="18%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">6,355 </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="3%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="17%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,621 </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="38%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">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="3%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="18%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(929)</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="3%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="18%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(806)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="17%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(780)</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="38%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Other operating income (expenses)</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="3%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="18%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">218 </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="3%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="18%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(551)</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="3%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="17%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">721 </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="38%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Finance income (expenses)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(2,006)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1,911)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="17%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(246)</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="38%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Pretax income</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="3%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="18%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,751 </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="3%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="18%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,087 </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="3%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="17%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,315 </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="38%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(84)</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="3%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="18%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(571)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="17%" noWrap align=right>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(700)</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="38%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Profit for the year</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="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,667 </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="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,516 </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="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,615 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Adjusted EBITDA totaled R$6,468 million in 2011, an increase of 1.8% or R$113 million as compared to R$6,355 million in 2010, due to the increase in sales and average prices of iron ore, partially offset by higher costs of goods sold and lower steel prices.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Adjusted EBITDA totaled R$6,355 million in 2010, an increase of 75.5% or R$2,735 million as compared to R$3,621 million in 2009, due to the increase in steel and mining results.</FONT></P>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647475"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5B. Liquidity and Capital Resources </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Overview</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our main uses of funds are for capital expenditures, repayment of debt and dividend payments.&nbsp; We have historically met these requirements by using cash generated from operating activities and through the issuance of short- and long-term debt instruments.&nbsp; We expect to meet our cash needs for 2012 primarily through a combination of operating cash flow, cash and cash equivalents on hand and newly issued long-term debt instruments.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition, from time to time, we review acquisition and investment opportunities and will, if a suitable opportunity arises, make selected acquisitions and investments to implement our business strategy.&nbsp; We generally make investments directly or through subsidiaries, joint ventures or affiliated companies, and fund these investments through internally generated funds, the issuance of debt, or a combination of such methods.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sources of Funds and Working Capital </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cash Flows</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our free cash flow as of December&nbsp;31, 2011 and 2010 totaled R$5,178&nbsp;million and R$2,268&nbsp;million, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Operating Activities</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash provided from operations was R$4,202 million and R$2,517 million, in 2011 and 2010 respectively. The R$1,685 million increase in cash flow from operating activities in 2011 as compared to 2010 was mainly due to an increase of R$1,171&nbsp;million in net income cash effect and a decrease of R$514 million in our working capital allocated to our business.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Investing Activities</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We used cash in our investing activities in the total amount of R$5,275 million in 2011 and R$4,636&nbsp;million in 2010. The increase of R$639&nbsp;million in 2011 as compared to 2010 was mainly due to an increase of fixed assets to supply the projects, mainly related to: (i) the Casa de Pedra expansion; (ii)&nbsp;the expansion of the Port of Itaguai; (iii)&nbsp;the construction of the long steel mill in the city of Volta Redonda (State of Rio de Janeiro) and (iv)&nbsp;the extension of Transnordestina railroad.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Financing Activities</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cash provided by financing activities was R$4,741&nbsp;million in 2011 and R$4,616&nbsp;million in 2010.&nbsp; The R$125&nbsp;million increase in cash provided by financing activities in 2011, as compared to 2010, was mainly due to a decrease of R$1,238 million in amortizations, almost offset by a decrease of R$931 million in issuances and an increase of R$296 million </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">in payments of dividends and interest on equity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Trade Accounts Receivable Turnover Ratio </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our receivable turnover ratio (the ratio between trade accounts receivable and net operating revenues), expressed in days of sales increased to 29 days&nbsp;on December 31, 2011 from 26 days&nbsp;on December 31, 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Days Sales in Inventory</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our days sales in inventory (obtained by dividing inventories by annualized cost of products sold), expressed in days of cost of products sold decreased to 103 days in 2011,&nbsp;from 118 days in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Trade Accounts Payable Turnover Ratio </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The accounts payable turnover ratio (obtained by dividing trade accounts payable by annualized cost of products sold), expressed in days of cost of products sold, increased to 46 days on December 31, 2011 from 30 days on December 31, 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Liquidity Management </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Given the capital intensive and cyclical nature of our industry, and the generally volatile economic environment in certain emerging markets, we have retained a substantial amount of cash on hand to run our operations, to satisfy our financial obligations, and to be prepared for potential investment opportunities.&nbsp; As of December&nbsp;31, 20</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#1f497d face="Times New Roman">11</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, cash and cash equivalent totaled R$15,417 million.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We were also taking advantage of the current liquidity conditions to extend the maturity profile of our debt.&nbsp; These activities are unrelated to the management of any interest rate, inflation and/or foreign exchange risk exposure.&nbsp; Given the lack of a liquid secondary market for our short term debt instruments, we have accumulated cash instead of prepaying our debt prior to final maturity</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">.&nbsp; As of December&nbsp;31, 2011, short-term and long-term indebtedness accounted for 9.69% and 90.31%, respectively, of our total debt, and the average life of our existing debt was equivalent to approximately 8 years, considering a 40 year term for the perpetual bonds issued in September&nbsp;2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Capital Expenditures and Investments </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, our capital expenditures were R$4,401&nbsp;million, of which R$1,691 million was used in the expansion of the&nbsp;Transnordestina railroad, R$549&nbsp;million in maintenance and repairs, R$251&nbsp;million in the Casa de Pedra mine expansion, R$238&nbsp;million in projects relating to the Itagua&#237; Port expansion and R$216&nbsp;million in the construction of our long steel plant in Volta Redonda.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We expect to meet our liquidity requirements from cash generated from operations, and, if needed, the issuance of debt securities. For details on our Planned Investments see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Company Debt and Derivative Instruments</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">At December&nbsp;31, 2011 and 2010, total debt (composed of current portion of long-term debt, accrued finance charges, long-term debt and debentures) summed R$28,067 million and R$20,206&nbsp;million, respectively, equal to 333% and 258% of the stockholders&#8217; equity at December&nbsp;31, 2011 and 2010, respectively.&nbsp; At December&nbsp;31, 2011, our short-term debt (composed of current portion of long-term debt including accrued finance charges and debentures) totaled R$2,735&nbsp;million and our long-term debt (composed of long-term debt and debentures) totaled R$25,332 million.&nbsp; The foregoing amounts do not include debt of others for which we are contingently liable.&nbsp; See &#8220;Item 5E.&nbsp; Off-Balance Sheet Arrangements.&#8221;</FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">At December&nbsp;31, 2011, approximately 64% of our debt was denominated in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and substantially all of the remaining balance was denominated in U.S. dollars.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our current policy is to protect ourselves against foreign exchange losses and interest rate losses on our debt and currently our exposure is protected through foreign exchange derivative products, including futures and swaps</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; For a description of our derivative instruments, see Note 17 to our consolidated financial statements contained in &#8220;Item 18.&nbsp; Financial Statements.&#8221; Also see &#8220;Item 5A.&nbsp; Operating Results&#8212;Results of Operations&#8212;Year 2011 Compared to Year 2010&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The major components of R$2,735&nbsp;million of our consolidated current portion of short-term debt outstanding at December&nbsp;31, 2011 were:</FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=left><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Components</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Average <BR>interest rate</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total</FONT></B></P>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(in million of R$)</FONT></I></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Fixed rate notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">6.5% - 10.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">119</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">BNDES/Finame</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.5% - 3.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">456</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Prepayment financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1% - 7.5% and 104.8% - 109.5% CDI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1,067</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Debentures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">9.4% + IGPM and 1% + TJLP and 103.6% - 110.8% CDI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">672</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">CCB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.54% and 112.5% CDI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">278</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Others</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">3.3% - 8.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">143</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">2,735</FONT></B></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The major components of R$25,332 &nbsp;million of our consolidated long-term debt outstanding at December&nbsp;31, 2011 were (amounts are reflected in long-term debt):</FONT></P>

<DIV align=left>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=left><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Components</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Average <BR>interest rate</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total</FONT></B></P>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(in million of R$)</FONT></I></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Debenture</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">9.4% + IGPM and 1% + TJLP and 103.6% - 110.8% CDI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">2,822</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Fixed rate notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">6.5% - 10.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">5,065</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">BNDES/Finame</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.5% - 3.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1,781</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Perpetual bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">7% </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1,876</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Prepayment financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1% - 7.5% and 104.8% - 109.5% CDI </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">6,378</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">CCB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">112.5% CDI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">7,200</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Others</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">3.3% - 8.0%</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">210</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=left><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">25,332</FONT></B></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The amount of interest paid in 2011 was R$2,506 million. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The local debenture is a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">-denominated debt instrument, which includes: </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.45pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Debentures issued in February&nbsp;2006, of R$600&nbsp;million six-year bearing interest at a rate of 103.6% of the CDI rate per annum. On February 1, 2012, the Company liquidated these debentures in the amount of R$635,285 thousand (R$600,000 thousand principal amount and R$35,285 thousand in interest).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.45pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(ii)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Debentures issued by our controlled company Transnordestina Log&#237;stica S.A., which obtained approval by FDNE (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fundo de Desenvolvimento do Nordeste</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) on March 2010 for its First Private Emission of Debentures, convertible into shares, composed of eight series in total, with the overall amount of R$2,672,400. Until December 31, 2011, Transnordestina Log&#237;stica S.A. had already issued 4 series in the total amount of R$1,493 million.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.45pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(iii)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Debentures issued in July&nbsp;2011, of R$1,150&nbsp;million eight-year debentures bearing interest at a rate of 110.8% of the CDI rate per annum.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Eurodollar and Euronotes issued in accordance with Rule 144A and Regulation S under the Securities Act reflect senior unsecured debt instruments issued by us and our offshore subsidiaries, including (i) the US$300&nbsp;million bonds, 10% per annum coupon, and the US$300&nbsp;million notes, 8.25% per annum coupon, issued in 1997 with final maturity in 2047; (ii) the issuance in December&nbsp;2003 and January&nbsp;2004 of US$550&nbsp;million notes, 9.75% per annum coupon with final maturity in 2013; (iii)&nbsp;the US$400&nbsp;million notes, 10% per annum coupon, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">issued in September&nbsp;2004 and January&nbsp;2005 with final maturity in 2015, and (iv)&nbsp;the US$750&nbsp;million notes, 6.875% per annum coupon, issued in September&nbsp;2009 with maturity in 2019.</FONT></P>

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<P style="TEXT-ALIGN: center">85</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">

<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In July 2010, we issued US$1 billion notes, 6.50% per annum coupon and maturity date in July 2020, and in September 2010 we issued a US$1 billion Perpetual Bond, 7% per annum coupon. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pre-export agreements include the two series of the export receivables securitization program. The series issued in June 2004, in the amount of US$59 million as of December 31, 2010, with maturity date on May 2012 and bearing interest at a rate of 7.43% per annum; and the series issued in June 2005, in the amount of US$160 million as of December 31, 2010, with maturity in May 2015 and bearing interest at 6.15% per annum. In December 2011, we liquidated in advance its export receivables securitization program, in the amount of R$313,842 (R$283,857 thousand principal amount, R$2,373 in interest and R$27,612 in premium paid to creditors for the payment in advance).</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We issued export credit notes, or NCEs: (i) on April&nbsp;11, 2008, in the amount of R$100&nbsp;million in favor of Banco do Brasil S.A., due 2013; (ii)&nbsp;on September&nbsp;30, 2009, in the amount of R$1.0&nbsp;billion, in favor of Banco do Brasil S.A., due 2014; (iii)&nbsp;on September&nbsp;30, 2009, in the amount of R$300&nbsp;million, in favor of Banco do Brasil S.A., due 2014; (iv) on May 21, 2010 in the amount of R$2.0 billion, in favor of Banco do Brasil S.A., through our&nbsp; subsidiary Congonhas Min&#233;rios S.A., due 2018. In April 2011, we issued another NCE, in the amount of R$1.5 billion; in favor of Banco do Brasil S.A., due to 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We contracted credit facilities from Caixa Econ&#244;mica Federal (CEF) under its special credit for large companies, in the form of a bank credit bill, or CCB: (i) on August&nbsp;18, 2009, in the amount of R$2.0&nbsp;billion and to be amortized in 36&nbsp;months; (ii) on February&nbsp;9, 2010, in the amount of R$1.0&nbsp;billion and to be amortized in 36&nbsp;months. In 2011, we contracted two more CCBs: (i) in February 2011, in the amount of R$2.0 billion and to be amortized in 94 months; and (ii) in August 2011, in the amount of R$2.2 billion and to be amortized in 108 months. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In January 2012, we priced, through our wholly-owned subsidiary CSN Resources S.A., an additional bond issuance in the amount of US$200 million, through the reopening of the US$1 billion bonds, at an interest rate of 6.5% p.a., due in July 2020. The offering price was 106.00% and yield was 5.6% p.a.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In March 2012, we issued promissory notes in the total amount of R$800 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Maturity Profile</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth the maturity profile of our long-term debt at December&nbsp;31, 2011:</FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Maturity in</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Principal Amount</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(In millions of R$)</FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2013&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,264</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2014&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,934</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2015&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,346</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2016&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,444</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,166</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2018 and thereafter&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">11,302</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Perpetual bonds&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,876</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Total&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="49%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">25,332</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647476"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5C. Research &amp; Development and Innovation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2011, CSN invested R$42&nbsp;million in Research &amp; Development to develop new products and maintain the company in the vanguard of value-added products. CSN is committed to pursuing technological innovation, continuous improvement, systemic production processes and the generation of attractive products to market.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To meet the new demands and expectations of the market, CSN has been continuously investing in creating innovative projects aiming to surprise its clients with creative solutions involving products and services.&nbsp; The attitude of innovation associated with the workshop to reengineer the supply chain with the main customers has been </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">one of the main lines of action carried out by CSN R&amp;D&#8217;s team&nbsp;to maintain and consolidate its growing market share.</FONT></P>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSN, a leading company in Brazil in coated flat steel products with high added value, has been continuously investing in improvements to its processes, products and services. In its activities, the management believes in developing new products and applications that meet current and future market needs to sustain a strong performance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A project that demonstrates the innovative and pioneering nature of CSN is the development of pre-painted steel, coated with Organo-Metallic film for application in fuel tanks in automobiles, replacing the post-painted tin coated steel and plastic tanks, with demand reaching a level of 500,000 tanks a year.&nbsp; The project was based on a new steel substrate for GALVANEW<SUP>&#174;</SUP> coating, continuously painted in CSN Paran&#225;&#8217;s facilities, obtaining higher corrosion resistance, formability and weldability. Currently, CSN is working on improving the specification of the steel substrate in order to reduce the tank&#8217;s weight.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Another project which is finding increasing acceptance in the market is CSN Extra Fino &#174; cold rolled steel &#8220;for new applications in white goods and steel furniture, developed in response to a worldwide trend.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the packaging segment, CSN has invested in consolidating a modern Center of Innovation that enables greater proximity to customers and bottlers presenting new concepts and design, in packages of 3 pieces cans expanded with innovative formats.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the automotive segment, the concept of innovation, product development and new applications has been a priority. As an example, we can highlight the innovative and pioneering project of the reengineering of autobodies, with the aim of reducing weight and cost. Concerning the R&amp;D for automotive applications, CSN continuously works on new products to fully meet the customers&#8217; current and future demands, with Advanced High Strength Steels (AHSS), Ultra Low Carbon Steels (extra deep drawing quality), Bake-Hardening Steels, High Resistance Interstitial Free Steels (HSS-IF), High Strength and Low Alloy (HSLA), and Rephosphorized High Strength Steels.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the construction segment there was a significant consolidation and support of our customers for the application of CSN pre-painted steel in the manufacture of new construction systems for rapid assembly used extensively in the UPP&#8217;s - Police Units Pacifier and PSUs - Emergency Care Units in the city of Rio de Janeiro. Another example of R&amp;D in the construction segment is the new CSN GALVALUME FRAMING (CSN GLFRAMING<SUP>&#174;</SUP>) which is a high strength steel coated with 55% Al-ZN alloy with high application potential on light steel framing systems. Another highlight is the development of high strength steels to be used in the manufacture of silos for grain storage.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><A name="_Toc293647477"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5D.&nbsp;Trend Information </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Overview </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">predictions for the level of global economic activity continue pointing towards a reduction in growth for the major economies in 2012, according to the Central Bank. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In Europe, the economic slowdown and the modest upturn in wages should keep inflation down, with the European Commission forecasting a decline to 2.1% in 2012. Furthermore, the World Bank believes GDP in the Eurozone will decline by 0.3% in 2012, pulled down by political uncertainties and the fiscal crisis in Eurozone countries.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Economic activity in the United States has been pointing to a slow and moderate recovery. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For China, the IMF expects GDP growth of 9.0% in 2012. At a time when China&#8217;s trade surplus decreased from US$181.5 billion, or 3.1% of GDP, in 2010, to US$160 billion, or approximately 2% of GDP, in 2011, the government is studying measures to boost domestic consumption. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">With regards to Brazil, GDP growth is expected to reach 3.30% in 2012, while the IPCA is expected to fall to 5.27%, according to the Central Bank&#8217;s FOCUS report.&nbsp; COPOM indicates that there is a high possibility that the Selic will fall to a single digit in 2012, thanks to the reduction in inflation due to the higher-than-expected slowdown in Brazil&#8217;s economy in the second half of 2011 and the uncertainties surrounding Europe&#8217;s financial crisis. Nevertheless, positive indications come from the expected decline in the rate of default in 2012, fueled by the 14% </FONT>


<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">increase in the minimum wage, reduced inflation, low unemployment, lower basic interest rates and reduced debt growth, according to Serasa Experian.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Steel</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to the World Steel Association (WSA), global steel industry capacity utilization rate reached 72% in December 2011, although production capacity and global steel product consumption still remain highly unbalanced. The WSA forecasts that world steel demand will increase by 5.4% in 2012, following the 14.0% growth in apparent use of crude steel in 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In view of Brazil&#8217;s expected economic growth in the coming years, the Brazil Steel Institute (IABr) forecasts crude steel production and apparent consumption will reach 37.5 and 26.7 million tons, respectively, in 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Continuing with the goal of diversifying and investing in the expected growth of the construction industry in the domestic market, we are constructing a long steel plant with a capacity of 500 kta, including rebars and wire rods in our portfolio. In addition to this plant, we are studying the feasibility of building other long steel plants</FONT>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mining </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CRU forecasts the seaborne iron ore trade will reach 1.43 billion tons by 2015, around 355 million tons higher than the level reached in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">China published its 12<SUP>th</SUP> five-year plan, which defined a new series of measures to promote the country&#8217;s development, including government subsidies for home construction and the creation and development of small and midsized enterprises. China&#8217;s urbanization push is expected to continue driving iron ore consumption and imports in the coming years, especially given the delays in new expansion projects and the reduced Indian export base, which is expected to shrink further. In 2012, Chinese iron ore imports should increase by 7%, reaching the record volume of 733 million tons.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">According to CRU, exports in Brazil show a tendency to increase until at least 2015, due to the current investments in the sector. By this time, exports should total approximately 440 million tons, an increase of 36% over current levels. For 2012, the forecast is for Brazil to export 348 million tons.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Considering this scenario, in the next years, we expect to achieve an important landmark in our mining segment, with the expansion of the Casa de Pedra mine to reach a production capacity of 50&nbsp;million tons per year.&nbsp; In addition, Namisa is also undergoing expansion projects, and is expected to achieve a sales level of 39&nbsp;million tons per year, relying on concentration and pelletizing plants. To ensure the production outflow, we expect the Itagua&#237; Port to reach an 84 mtpy shipment capacity. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cement</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Prospects for the sector remain positive. The construction industry is expected to grow between 5% and 5.2% in 2012, according to the Get&#250;lio Vargas Foundation (FGV), with construction material domestic sales moving up by between 4% and 5%, according to ABRAMAT. With regards to cement sales for 2012, an increase of between 7% and 8% is forecasted.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">With the start-up of our clinker plant and the use of slag generated by our steel operation, we can gradually reduce costs, a critical element in the cement business.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our goal is to achieve a production capacity of approximately 5.4&nbsp;million tons in the coming years, to capture the strong growth expected for the construction sector, fueled by increased income and employment, incentives for homebuyers, the expansion of Brazil's infrastructure and the intensification of works related to the World Cup and the Olympic Games. For details on our Planned Investments see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;. </FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5E. Off-Balance Sheet Arrangements</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition to the debt that is reflected on our balance sheet, we are contingently liable for the off-balance concession payments related to the activities of TECON.&nbsp; The following table summarizes all of the off-balance sheet obligations for which we are contingently liable and which are not reflected under liabilities in our consolidated financial statements:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Contingent Liability with Respect to Consolidated and Non-Consolidated Entities as of December&nbsp;31, 2011</FONT></B></P></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Aggregate Amount</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Maturity</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(In million of R$)</FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Guarantees of Debt: </FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;Transnordestina&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,368&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2012-2028&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=5>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Contingent Liability for Concession Payments<SUP>(1) </SUP>: </FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;Sepetiba Tecon</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">310</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2026</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;Transnordestina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">100</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2027</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solid Bulks Terminal - TECAR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,362</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2022</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">MRS Log&#237;stica S.A</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,145</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2026</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Total&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,917</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&#8221;Take-or-Pay&#8221; Contractual Obligations</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;MRS Log&#237;stica S.A.&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,152&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2016&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;White Martins Gases Industriais Ltda. &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">468&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2016&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;Companhia Estadual de G&#225;s do Rio de Janeiro &#8211; CEG Rio&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">280&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2012&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;Ferrovia Centro Atl&#226;ntica &#8211; FCA&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">351</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2013&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;Vale S/A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">470</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2014</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;Companhia Paranaense de G&#225;s - COMPAG&#193;S</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">173</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;Companhia Paranaense de Energia - COPEL</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">70</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">ALL</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2012</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">K&amp;K Tecnologia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">79</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2023</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Harsco Metals Ltda</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2014</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Siemens</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">51</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp;&nbsp;</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,173</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="85%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR height=0>

   <TD width="68%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Total Contingent Liability with Respect to Consolidated and Non-consolidated Entities: </FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7,458</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 18pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other consortia members are also jointly and severally liable for these payments. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Guarantees</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We guarantee the loans BNDES has granted to Transnordestina in May and December&nbsp;2005, and in January&nbsp;2006, all of which mature by May&nbsp;2028, adjusted based on the TJLP plus 1.5% per annum.&nbsp; The total outstanding amount of the debt as of December&nbsp;31, 2011 was R$1,368&nbsp;million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Concessions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sepetiba Tecon</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We own 99.99% of Sepetiba Tecon S.A., or TECON, which holds a concession to operate, for a 25-year term (renewable for additional 25 years), the container terminal at the Itagua&#237; Port.&nbsp; As of December&nbsp;31, 2011, R$310 million of the cost of the concession was outstanding and payable over the next 18 years of the lease.&nbsp; For more information see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Transnordestina</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December&nbsp;31, 2011, we held 70.91% of the capital stock of Transnordestina S.A., which has a 30-year concession granted in 1998 to operate Brazil&#8217;s Northeastern railway system.&nbsp; The Northeastern railway system </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">covers 4,238 km of track and operates in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.&nbsp; It also connects with the region&#8217;s leading ports, thereby offering an important competitive advantage through opportunities for intermodal transportation solutions and made-to-measure logistics projects.&nbsp; As of December&nbsp;31, 2011, R$100&nbsp;million was outstanding over the remaining 16-year term of the concession.</FONT></P>

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<P style="TEXT-ALIGN: center">89</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN: 0cm 0cm 10pt">
<B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Solid Bulks Terminal</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We hold the concession to operate TECAR, a solid bulks terminal, one of four terminals that form the Itagua&#237; Port, located in the State of Rio de Janeiro, for a term expiring in 2022 and renewable for another 25 years.&nbsp; Itagua&#237; Port, in turn, is connected to the Presidente Vargas Steelworks, Casa de Pedra and Namisa by the southeastern railway system.&nbsp; Our imports of coal and coke are made through this terminal.&nbsp; Under the terms of the concession, we undertook to load and unload at least 3.0&nbsp;million tons of bulk cargo annually.&nbsp; Among the approved investments that we announced is the development and expansion of the solid bulks terminal at the Itagua&#237; Port to handle up to 84&nbsp;million tons of iron ore per year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">MRS Log&#237;stica S.A</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Concession for a period of 30 years, renewable for another 30 years, for transporting iron ore from the mines of Casa de Pedra in Minas Gerais and coke and coal from the Port of Itagua&#237; (RJ) to Volta Redonda and transportation of exports back to the Ports of Itagua&#237; and Rio de Janeiro. As of December 31, 2011, R$1,145 million was outstanding.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Contractual Obligations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Namisa</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><STRONG><EM>Port Operating Services Agreement</EM></STRONG>.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On October 21, 2008, CSN entered into an agreement for the provision of port services to Namisa for a 35-year period, consisting of receiving, handling, storing and shipping Namisa&#8217;s iron ore in annual volumes that range from 18.0 million tons to 39.0 million tonnes. On December 30, 2008, CSN has received the amount of approximately R$5.3 billion as an advance for part of the payments due for the services to be provided under this agreement. The amounts charged for these port services are reviewed on a quarterly basis and adjusted considering the changes in the market price of iron ore.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">High Silica ROM</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On October 21, 2008, CSN entered into an agreement for the supply of high silica crude iron ore ROM to Namisa for a period of 35 years in volumes that range from 27.5 million tons to 46.5 million tons per year. On December 30, 2008, CSN received approximately R$1.6 billion as an advance for part of the payments due for the supplies to be made under this agreement. The supply price is reviewed on a quarterly basis and adjusted considering the changes in the market price of iron ore.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Low Silica ROM</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On October 21, 2008, CSN entered into an agreement for the supply of low silica crude iron ore ROM to Namisa for an effective period of 9 years in volumes that range from 8 million tons to 30.6 million tons per year.&nbsp; On December 30, 2008, CSN received approximately R$424 million as an advance for part of the payments due for the supplies to be made under this agreement. The supply price is reviewed on a quarterly basis and adjusted considering the changes in the market price of iron ore.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;Take-or-Pay&#8221; Contractual Obligations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">MRS Log&#237;stica S.A.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Transportation of Iron Ore, Coal and Coke to Volta Redonda</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The volume set for iron ore and pellets is 8,280,000 tons per year and for coal, coke and other reduction products is 3,600,000 tons per year.&nbsp; Variation of up to 10% is accepted, with a guarantee of payment of at least </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">90%, but the obligation is for each item individually.&nbsp; MRS, on the other hand, is required to transport at least 80% of the volume established by the agreement.&nbsp; The agreement expires on September&nbsp;12, 2012.</FONT></P>

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<B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Transportation of Iron Ore for Export from Itagua&#237;</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The volume set is 40,000,000 tons per year for the first three years, with gradual increases for the following years, with a guarantee of payment of at least 80%.&nbsp; We may increase or decrease the volume set in the agreement every year by up to 10% and 15%, respectively, taking into consideration the volume informed in the previous year.&nbsp; This agreement expires on November 30, 2026.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The amounts to be paid under both contracts are calculated by a tariff model that assures competitive prices.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For both contracts we have flexibility to renegotiate the &#8220;take-or-pay,&#8221; if the volume is not reached.&nbsp; As we are a shareholder of MRS, the minimum amounts to be paid under the contract terms are calculated by a tariff model that assures competitive prices.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Transportation of Steel Products</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The volume set is 2,750,000 tons per year.&nbsp; The agreement covers the transportation of steel products from the Presidente Vargas Steelworks to third party terminals, and expires on May 31, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Cement Transportation&nbsp;- CSN CIMENTOS</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We and MRS are negotiating new values for this contract.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">White Martins Gases Industriais Ltda. &nbsp;</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">To secure gas supply (oxygen, nitrogen and argon), in 1994 we signed a 22-year &#8220;take-or-pay&#8221; agreement with White Martins Gases Industriais, by which we are committed to acquire at least 90% of the gas volume guaranteed in the agreement with White Martins&#8217; plant.&nbsp; Under the terms of the agreement, we are not required to advance funds raised against future processing charges if White Martins is unable to meet its financial obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Companhia Estadual de G&#225;s do Rio de Janeiro</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">To secure natural gas supply, in 2007 we signed a five-year &#8220;take-or-pay&#8221; agreement with CEG Rio, by which we are committed to acquire at least 70% of the gas volume guaranteed in the agreement with CEG Rio.&nbsp; Under the terms of the agreement, we are not required to advance funds raised against future processing charges if CEG Rio is unable to meet its financial obligations.&nbsp; In addition, if we do not acquire the minimum volume agreed, the amount paid which relates to that difference may be compensated in future years, including one year after the contract&#8217;s expiration.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ferrovia Centro Atl&#226;ntica - FCA&nbsp;</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Transportation of Reduction Products</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This agreement covers transportation of reduction products from the city of Arcos to the city of Volta Redonda.&nbsp; Volume set for reduction products is 1,900,000 tons per year, which may vary higher or lower by up to 5%.&nbsp; This agreement will expire on August&nbsp;31, 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Transportation of Clinker</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This agreement covers transportation of clinker products from the city of Arcos to the city of Volta Redonda.&nbsp; As of 2012, volume set for clinker is 738.000 tons per year&nbsp; This agreement will expire on April&nbsp;19, 2020.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Vale S.A.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">To secure pellets supply, in 2009 we signed a 5-year &#8220;take-or-pay&#8221; agreement with Vale, by which we are committed to acquire at least 90% of the pellets volume guaranteed in an agreement with Vale.&nbsp; Under the terms of </FONT>


<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the agreement, we are not required to advance funds raised against future processing charges if Vale is unable to meet its financial obligations.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Companhia Paranaense de G&#225;s - COMPAG&#193;S</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We&nbsp;and Companhia Paranaense de G&#225;s entered into a 20-year contract to secure natural gas supply.&nbsp; According to the &#8220;take or pay&#8221; clause, we are committed to acquire at least 80% of the annual natural gas volume contracted from Companhia Paranaense de G&#225;s.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Companhia Paranaense de Energia &#8211; COPEL</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">To secure energy supply, we entered into a 20-year agreement with Companhia Paranaense de Energia.&nbsp; According to the &#8220;take or pay&#8221; clause, we are committed to acquire at least 80% of the annual energy volume contracted from Companhia Paranaense de Energia.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Am&#233;rica Latina Log&#237;stica - ALL</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This agreement covers transportation of steel products from Volta Redonda to CSN Paran&#225;.&nbsp; Volume set for steel products is 20,000 tons per month, which may vary higher or lower by up to 10%.&nbsp; This agreement was initially valid until March&nbsp;30, 2012, but CSN renegotiated and it is now valid until June 30, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">K&amp;K Tecnologia</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN undertakes to acquire at least 3,000 metric tons of blast furnace mud for processing at CSN's mud concentration plant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Harsco Metals Ltda</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.3pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Harsco Metals Ltda. undertakes to perform the Scrap recovery Services resulting from the process of production of pig iron and steel from CSN / UPV, receiving by this process the equivalent in value the result of multiplying the unit price (U.S.$/ t) by the total Liquid Steel CSN&#8217;s Mill production, with a guarantee of a minimum production of liquid steel corresponding to 400,000 tons.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5F.&nbsp; Tabular Disclosure of Contractual Obligations </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table represents our long-term contractual obligations as of December&nbsp;31, 2011: </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Payment due by period</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(In millions of R$)</FONT></I></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">More</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Less than</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">than 5</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1 year</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1-3 years</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3-5 years</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">years</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Long-term accrued finance</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">charges<SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">19,540</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,181&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4,146</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,360&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">9,853</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Taxes payable in installments</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,095&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">277</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">471</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">458&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">889</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Long-term debt</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">25,187&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,232</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4,231&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,574&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">13,150&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&#8220;Take-or-Pay&#8221; contracts</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,173&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,069</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,570&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">371</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">163</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Derivatives swap agreements<SUP>(2)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Concession agreements<SUP>(3)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,917</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">220</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">697</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">705</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,295</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=11>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Purchase obligations: </FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Raw materials<SUP>(4)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,816</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,072</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">699</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">35</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Maintenance<SUP>(5)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">212</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Utilities/Fuel<SUP>(6)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,756</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">685</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">456</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">334</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">282</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,905</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,969</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,275</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">345</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">316</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="97%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">These accrued finance charges refer to the cash outflow related to the contractual interest expense of our long-term debt and were calculated using the contractual interest rates taken forward to the maturity dates of each contract. </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="97%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Derivative swap agreements were calculated based on market prices, on December 31, 2011, for futures with similar maturity to our derivative swap agreements.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="97%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Refers to TECON, TECAR, MRS and Transnordestina&#8217;s concessions agreements</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(4) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="97%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Refers mainly to purchases of coal, tin, aluminum and zinc, which comprise part of the raw materials for steel manufacturing and take-or-pay contracts. </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(5) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="97%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">We have outstanding contracts with several contractors in order to maintain our plants in good operation conditions; due to the strong demand for specialized maintenance service, the term of some of these contracts is for more than one year. </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(6) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="97%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Refers mainly to natural gas, power supply and cryogenics, which are provided by limited suppliers; and with some of which we maintain long-term contracts. </FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center">92</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5G. Safe Harbor</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Forward-Looking Statements.&#8221;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 6. Directors, Senior Management and Employees</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6A. Directors and Senior Management</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">General</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are managed by our Board of Directors (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Conselho de Administra&#231;&#227;o</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), which consists of </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">seven to eleven </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">members, and our Board of Executive Officers (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Diretoria Executiva</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), which consists of two to nine Executive Officers with no specific designation (one of whom is the Chief Executive Officer).&nbsp; In accordance with our bylaws (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Estatuto Social</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), each Director is elected for a term of one year by our shareholders at an annual shareholders&#8217; meeting.&nbsp; Our bylaws require our employees to be represented by one Director on the Board of Directors. The members of the Board of Executive Officers are appointed by the Board of Directors for a two-year term.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Board of Directors is responsible for setting general guidelines and policies for our business and our Board of Executive Officers is responsible for the implementation of such guidelines and policies and for our day-to-day operations.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of the date of this annual report, our Board of Directors was comprised of one Chairman, one Vice Chairman and four members</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, and our Board of Executive Officers was comprised of our Chief Executive Officer and five Executive Officers.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Directors and Executive Officers as of the date of this annual report are: </FONT></P>

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<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Name</FONT></B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Position</FONT></B><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">First Elected on</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Last Elected on</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Board of Directors</FONT></I></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Benjamin Steinbruch&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Chairman&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">April&nbsp;23, 1993&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">April&nbsp;27, 2012</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Jacks Rabinovich&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Vice Chairman&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">April&nbsp;23, 1993&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">April&nbsp;27, 2012&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Fernando Perrone&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Member&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">September&nbsp;26, 2002&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">April&nbsp;27, 2012</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Antonio Francisco dos Santos&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Member&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">December&nbsp;23, 1997&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">April&nbsp;27, 2012&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Yoshiaki Nakano&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Member&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">April&nbsp;29, 2004&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">April&nbsp;27, 2012&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Gilberto Say&#227;o da Silva&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Member&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">April&nbsp;30, 2009&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">April&nbsp;27, 2012&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Rubens dos&nbsp;Santos</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Member&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">April&nbsp;27, 2012&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">April&nbsp;27, 2012&nbsp;</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Board of Executive Officers</FONT></I></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Benjamin Steinbruch&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Chief Executive Officer&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">April&nbsp;30, 2002&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">August&nbsp;2, 2011</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">En&#233;as Garcia Diniz&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Executive Officer&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">June&nbsp;21, 2005&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Jos&#233; Taragano</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Executive Officer</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">December&nbsp;15, 2009</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">August 2, 2011</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">David Moise Salama</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Executive Officer</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">August 2, 2011</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">August 2, 2011</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Luis Fernando Barbosa Martinez</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Executive Officer</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">August 2, 2011</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">August 2, 2011</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Juarez Saliba de Avelar</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">Executive Officer</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">October 26, 2011</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face="Times New Roman">October 26, 2011</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The next election for our Board of Directors is expected to take place in April 2013. We are unable to anticipate when the next election for our Board of Executive Officers is expected to take place.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Board of Directors</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Benjamin Steinbruch</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. Mr. Steinbruch has been a member of our Board of Directors since April 23, 1993, and has simultaneously held the positions of Chairman since April 28, 1995 and CEO since April 30, 2002. He is also CEO of Vicunha Siderurgia S.A., member of the Administrative Board of the Portuguese Chamber, 1<SUP>st</SUP> Vice-President of the Federation of Industries of the State of S&#227;o Paulo - FIESP since September 2004, member of FIESP&#8217;s Superior Strategic Board, advisor to the Robert Simonsen Institute, and advisor of the Institute for Industrial Development Studies - IEDI. Over the past five years, he served as Chairman of the Board of Directors </FONT>


<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">and CEO of Vicunha Siderurgia S.A., Vice Chairman of the Board of Directors of Text&#237;lia S.A., Director of Vicunha A&#231;os S.A., Vicunha Steel S.A. Vicunha S.A., Elizabeth S.A. &#8211; Ind&#250;stria T&#234;xtil, Vicunha Participa&#231;&#245;es S.A., Vicunha Participa&#231;&#245;es S.A., Officer of Rio Purus Participa&#231;&#245;es S.A., and Officer of Rio Iaco (all these companies belong to the controlling group of CSN), Director of Prada Metallurgical Company and Nacional Min&#233;rios S.A. (both controlled by CSN), member of the Deliberative Council of the CSN Foundation and Administrator of Fazenda Alvorada de Bragan&#231;a Agro-Pastoril Ltda., Ibis Agr&#225;ria Ltda., Ibis II Empreendimentos Ltda., Ibis Participa&#231;&#245;es e Servi&#231;os Ltda., Haras Phillipson Ltda.. Mr. Steinbruch graduated from the Business School of Funda&#231;&#227;o Get&#250;lio Vargas &#8211; FGV/SP and specialized in Marketing and Finance also from&nbsp; Funda&#231;&#227;o Get&#250;lio Vargas - FGV/SP.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jacks Rabinovich.</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Mr. Rabinovich has been a member of our Board of Directors since April 23, 1993 and Vice Chairman since April 24, 2001. Mr. Rabinovich graduated in Civil Engineering from Universidade Mackenzie - SP, and has a specialization in Textile Engineering from the Lowell Institute, Massachusetts - USA.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fernando Perrone</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Mr. Perrone has been a member of our Board of Directors since September&nbsp;26, 2002, and a member of our Audit Committee since June&nbsp;24, 2005, where he currently holds the position of President.&nbsp; He was our Infrastructure and Energy Executive Officer from July&nbsp;10, 2002, to October&nbsp;2, 2002 . Over the past five years, he served as member of the Board of Directors of Profarma - Pharmaceuticals Distributor S.A., member of the Board of Directors of Jo&#227;o Fortes Engenharia S.A., and member of the Management Board of Energia Sustent&#225;vel S.A.&nbsp; Mr. Perrone graduated in Business from a program sponsored by "Chimica" Bayer S.A., holds a Law degree from&nbsp; Universidade Federal Fluminense &#8211; UFF/RJ, and has a graduate degree in Economics in the area of Capital Markets from Funda&#231;&#227;o Getulio Vargas &#8211; FGV/SP. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Antonio Francisco dos Santos</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">. Mr. Santos has been a member of our Board of Directors since December 23, 1997. He is currently Chairman and Chief Executive Officer of CSN&#8217;s Employee Investment Club (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Clube de Investimento CSN</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">). Over the past five years he served as Planning and Support Officer of CSN, and Coordinator and Chief of Industrial Engineering, Chief of Production Planning and member of the Board of Directors of the Caixa Beneficente dos Empregados of CSN, or CBS, our pension plan. Mr. Santos graduated in Business and holds a graduate degree in Organization and Finance, both from the Coordination of Graduate Studies and Research - CECOP, and an MBA in Industrial Strategy and Business Management from Universidade Federal Fluminense &#8211; UFF/RJ.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Yoshiaki Nakano</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Mr. Nakano has been a member of our Board of Directors since April&nbsp;29, 2004, and a member of our Audit Committee since June&nbsp;24, 2005.&nbsp; Over the past five years, Mr. Nakano&nbsp; has been a professor at the School of Economics of Funda&#231;&#227;o Getulio Vargas &#8211; FGV/SP a board member of the Funda&#231;&#227;o de Amparo &#224; Pesquisa do Estado de S&#227;o Paulo &#8211; FAPESP, a member of the Conselho Superior de Economia (COSEC) of FIESP/Instituto Roberto Simonsen, and a member of the Consulting Board of the Grupo P&#227;o de A&#231;&#250;car.&nbsp; Previously, Mr. Nakano served as Special Secretary for Economic Affairs in the Ministry of Finance and as Finance Secretary of the State of S&#227;o Paulo. Mr. Nakano graduated in Business Administration from Funda&#231;&#227;o Getulio Vargas and has an MBA and a Ph.D. from Cornell University, USA.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gilberto Say&#227;o da Silva</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Mr. Say&#227;o has been a member of our Board of Directors since April&nbsp;30, 2009.&nbsp; He is currently a partner at Vinci Partners Investimentos Ltda., and a member of its Executive Committee. Between 2003 and 2009, Mr. Say&#227;o served as the Chief Executive Officer of UBS Pactual Alternative Investments, a subsidiary of UBS Pactual Asset Management. He is currently on the Board of Directors of several companies, such as PDG Realty SA and Equatorial Energia S.A. (none of these being part of CSN&#180;s economic group). He graduated from the Engineering School of the Pontificia Universidade Catolica of Rio de Janeiro - PUC / RJ.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">Rubens dos Santos</FONT></I><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mr. Santos has been a member of our Board of Directors since April 27, 2012. He currently serves as Administrator for Vicunha Petroqu&#237;mica Ltda and Fibracel T&#234;xtil Ltda. He is also Executive Officer for Paju&#231;ara Confec&#231;&#245;es S.A., Vicpetro S.A., VRS S.A. and Finobrasa Agro-Industrial S.A.. Additionally, Mr. Santos is the Chairman of the Board of Directors of VTA Andina S.A.., and a board member of National Steel S.A., Vicunha Participa&#231;&#245;es S.A., Vicunha Siderurgia S.A., Fibra Empreendimentos Imobili&#225;rios S.A., Transnordestina Log&#237;stica S.A., Vicunha A&#231;os S.A., Vicunha Steel S.A., Vicunha S.A., Elizabeth S.A. Ind&#250;stria T&#234;xtil and La Internacional S.A.. Mr. Santos is graduated in Accounting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Board of Executive Officers</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition to Mr. Steinbruch, the following people were members of our Board of Executive Officers as of the date of this annual report:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">En&#233;as Garcia Diniz</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Mr. Diniz holds the position of Executive Officer in charge of the production area since June 21, 2005. He has been serving CSN since 1985, previously acting as General Manager of Hot Rolling, General Manager of Maintenance, Metallurgy Director and General Director of the Presidente Vargas Steelworks.&nbsp; Mr. Diniz graduated in Mechanical Engineering from Pontificia Universidade Cat&#243;lica do Rio de Janeiro - PUC / RJ, further </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">specialized in Business Management from&nbsp; Universidade Federal Fluminense - UFF/RJ and has an MBA from the Funda&#231;&#227;o Dom Cabral Business School of Belo Horizonte.</FONT></P></DIV>

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<I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Jos&#233; Taragano. </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mr. Taragano was elected Executive Officer on December&nbsp;15, 2009, being in charge of the projects area.&nbsp; He previously served as COO - Executive VP of Operations of Brenco - Companhia Brasileira de Energia Renov&#225;vel, Executive and Business Officer of Klabin S.A., Worldwide Environment, Health &amp; Safety Officer of Alcoa Inc. in New York / Pittsburgh,&nbsp; Officer of Primary Products/Aluminum, Alumina &amp; Chemical Products and Director of Quality and Human Resources and Superintendent of Production of Alcoa Latin America in S&#227;o Paulo, Chairman of CEMPRE &#8211; Compromisso Empresarial para a Reciclagem, member of the Healthy People 2010 Business Advisory Committee</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">in Washington and acted as Independent Director at the Board of ECOSORB. Mr. Taragano graduated in Metallurgical Engineering from Pontif&#237;cia Universidade Cat&#243;lica of Rio de Janeiro - PUC-RJ, has an MBA in Marketing from&nbsp; the Administration Institute Foundation of Universidade de S&#227;o Paulo / FIA-USP and further education at MIT / Sloan Executive Program and Harvard Business School / Finance for Senior Executives.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">David Moise Salama</FONT></I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Mr. Salama was elected Executive Officer on August 2, 2011, being in charge of the investor relations area. He has been serving CSN since 2006, having previously acted as Investor Relations Manager. Prior to joining CSN, Mr. Salama acted as Financial Controller Officer at Tecnisa Engenharia e Com&#233;rcio, Birmann Com&#233;rcio e Empreendimentos and Goldfarb Com&#233;rcio e Constru&#231;&#245;es, was the head of consolidated financial information of Unilever Brasil and acted as senior auditor at PricewaterhouseCoopers. He is a member of the National Investor Relations Institute and of the Brazilian Institute of Investor Relations. Mr. Salama graduated in Accounting and has an MBA in Finance, both from the School of Economics, Business and Accounting of the Universidade de S&#227;o Paulo / FEA-USP.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Luis Fernando Barbosa Martinez</FONT></I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> Mr. Martinez was elected Executive Officer on August 2, 2011, being in charge of the steel products commercial area. He has been serving CSN since 2002, having previously acted as Sales Officer. Mr. Martinez is also President of the Brazilian Association of Steel Packaging - ABEA&#199;O. Prior to joining CSN, Mr. Martinez was a Sales Officer at Alcan Alum&#237;nio do Brasil S.A., having worked in such company for 14 years in different departments (processing, quality, product/market development and sales).</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">He also acted as Executive Officer of the Brazilian Center of Steel Construction - CBCA and of the Brazilian Association of Metallic Construction - ABCEM. Mr. Martinez graduated in Metallurgical Engineering from Instituto Mau&#225; de Tecnologia &#8211; IMT, has a graduate degree in Industrial Management from the School of Production Engineering of the Universidade de S&#227;o Paulo, and also graduated from the Corporate Management Development Program at Alcan Aluminum Limited, Montreal, Canad&#225;.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Juarez Saliba de Avelar</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mr. Avelar was elected Executive Officer on October 26, 2011 and is in charge of the new businesses area.&nbsp; Mr. Avelar previously worked at CSN from 2003 to 2010, having acted as Ports and Railroads Officer, Mining Officer, Mineral Resources Officer and New Businesses Officer.&nbsp; Prior to 2003, Mr. Avelar was the President of Ferteco Minera&#231;&#227;o, Officer of the Southern and Northern Systems of Vale S.A. and, from January 2010 to August 2011, acted as Chief Executive Officer of Steel do Brasil Participa&#231;&#245;es S.A.&nbsp; Mr. Avelar is also a Director of Transnordestina Log&#237;stica S.A.&nbsp; Mr. Avelar graduated in Mining Engineering from Universidade Federal de Minas Gerais - UFMG.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There are no family relationships between any of the persons named above.&nbsp; The address for all of our directors and executive officers is Av.&nbsp; Brigadeiro Faria Lima, 3400, 20<SUP>th</SUP> floor, Itaim Bibi, city of S&#227;o Paulo, State of S&#227;o Paulo, Brazil (telephone number 55-11-3049-7100).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Indemnification of Officers and Directors</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There is no provision for or prohibition against the indemnification of officers and directors in Brazilian law or in our bylaws.&nbsp; Officers are generally not individually liable for acts performed within the course of their duties.&nbsp; We either indemnify or maintain directors and officers liability insurance insuring our Directors, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">our Executive Officers and certain key employees against liabilities incurred in connection with their respective positions with us.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6B. Compensation</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the year ended December&nbsp;31, 2011, the aggregate compensation paid by us to all members of our Board of Directors and the members of our Board of Executive Officers for services in all capacities was R$23.7&nbsp;million, which includes salaries, bonuses, profit sharing arrangements and benefits, such as medical assistance, pension plan and life insurance, among others.&nbsp; See &#8220;&#8212;Item 6D.&nbsp; Employees&#8221; for a brief description of our profit sharing arrangements.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are the principal sponsor of CBS, our employee pension plan. CBS had an excess of plan assets over pension benefit obligations of R$230 million in 2011.&nbsp; The fair value of the resources of CBS, totaled R$2,384 million as of December 31, 2011, and projected benefit obligations were R$2,154 million.&nbsp; See Note 29 to our consolidated financial statements contained in &#8220;Item 18.&nbsp; Financial Statements.&#8221; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6C. Board Practices</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fiscal Committee and Audit Committee</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under Brazilian Corporate Law, shareholders may request the appointment of a Fiscal Committee (Conselho Fiscal), which is a corporate body independent of management and our external auditors.&nbsp; The primary responsibility of the Fiscal Committee is to monitor management&#8217;s activities, review the financial statements, and report its findings to the shareholders.&nbsp; Our shareholders did not request the installation of a Fiscal Committee at the Annual Shareholders&#8217; Meeting held on April&nbsp;27, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In June&nbsp;2005, an Audit Committee (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Comit&#234; de Auditoria</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) was appointed in compliance with SEC&#8217;s rules, which is composed of independent members of our Board of Directors. The Audit Committee is responsible for recommending to the Board of Directors the appointment of the independent auditors, reporting on our auditing policies and our annual audit plan prepared by our internal auditing team, as well as monitoring and evaluating the activities of the external auditors.&nbsp; Our Audit Committee has also been tasked with identifying, prioritizing and submitting actions to be implemented by our Executive Officers,&nbsp; analyzing our annual report and our financial statements, and making recommendations to our Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Audit Committee is currently composed of Mr. Fernando Perrone, Mr. Yoshiaki Nakano and Mr. Antonio Francisco dos Santos and is constantly assisted by an outside consultant. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For information on the date of election and term of office of the members of our Board of Directors and Board of Executive Officers, see &#8220;Item 6A.&nbsp; Directors and Senior Management.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Service Contracts</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We permit our directors to continue to participate in our employee pension plan after ceasing to be a director of our Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6D. Employees</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December&nbsp;31, 2009, 2010 and 2011, we had 16,903, 19,217 and 20,791 employees, respectively.&nbsp; As of December&nbsp;31, 2011, approximately 3,307 of our employees were members of the steelworkers&#8217; union of Volta Redonda and region, which is affiliated with the Central &#218;nica dos Trabalhadores, or CUT, a national union.&nbsp; We believe we have a good relationship with CUT.&nbsp; We have collective bargaining agreements, renewable annually on May&nbsp;1<SUP>st</SUP> of every year. Moreover, we have members affiliated with other unions, such as the Engineers&#8217; Union with 41 members, the Accountants Union with 10 members and the Workers&#8217; Unions from Arcos, Casa de Pedra, Cama&#231;ari, Recife and Arauc&#225;ria, with a total of 344 members.&nbsp; At all other companies controlled by CSN, such as Prada, Ersa, Namisa and Transnordestina, we have a total of 1,435 members.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In March&nbsp;1997, we established an employee profit sharing plan.&nbsp; All employees participate in the plan, and earn bonuses based on our reaching certain goals for each year, including a minimum EBITDA margin, as well as other measures such as sales, cost control, productivity and inventory levels, as appropriate for each sector based on its nature.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">6E. Share Ownership</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Steinbruch family, which includes Mr. Benjamin Steinbruch, our Chairman and Chief Executive Officer holds an indirect majority ownership interest in Vicunha Siderurgia and Rio Iaco Participa&#231;&#245;es, our controlling shareholder.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">All our Executive Officers and members of our Board of Directors held an aggregate of 1,558 shares of our outstanding common shares as of December&nbsp;31, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 7. Major Shareholders and Related Party Transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7A. Major Shareholders </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On December 31, 2011, our capital stock was composed of 1,457,970,108 common shares.&nbsp; Our capital stock is entirely composed of common shares and each common share entitles the holder to one vote at our shareholders&#8217; meetings.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth, as of December&nbsp;31, 2011, the number of our common shares owned by all persons known to us that own more than 5% of our outstanding common shares as of such date:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Percent of</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Shares Owned</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Outstanding</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Name of Person or Group</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Shares</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=5>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="68%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Vicunha Siderurgia S.A.<SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;697,719,990</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;47.86%</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Rio Iaco Participa&#231;&#245;es S.A. <SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">58,193,503</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3.99%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">(1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Owned indirectly by the Steinbruch family, which includes Mr. Benjamin Steinbruch, Chairman of our Board of Directors and CEO, as well as other members of his family.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">7B. Related Party Transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">From time to time we conduct transactions with companies directly or indirectly owned by our principal shareholders or members of our Board of Directors.&nbsp; See &#8220;Item 4. Information on the Company &#8211; A.&nbsp; History and Development of the Company,&#8221; &#8220;Item 4B.&nbsp; Business Overview,&#8221; &#8220;Item 4D. Property, Plant and Equipment &#8211; Acquisitions and Dispositions&#8221;, &#8220;Item 6A.&nbsp; Directors and Senior Management&#8221;, &#8220;Item 7A.&nbsp; Major Shareholders&#8221; and Note 4&nbsp; to the consolidated financial statements included in &#8220;Item 18. Financial Statements.&#8221; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 8. Financial Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">8A. Consolidated Statements and Other Financial Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">See &#8220;Item 3. Key Information&#8212;Selected Financial Data&#8221; and &#8220;Item 18.&nbsp; Financial Statements&#8221; for our consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Legal Proceedings </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In the ordinary course of our business, we are party to several proceedings, both administrative and judicial, which we believe are incidental and arise out of our regular course of business. We believe that the outcome of the proceedings to which we are currently a party will not have a material adverse effect on our financial position, results of operations and cash flows. We have established provisions for all amounts in dispute that represent a probable loss based on the legal opinion of our internal and external legal counsels.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Labor Contingencies</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December 31, 2011, the Company and its subsidiaries are defendants in 12,993 labor claims, for which a provision has been recorded in the amount of R$223 million. Most of the claims are related to alleged joint liability </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">between us and our independent contractors, wage equalization, differences of 40% fine on the FGTS deposits regarding pre-retirement periods and due to inflation purge, additional payments for unhealthy and hazardous activities, overtime and profit sharing differences from 1997 to 1999 and from 2001 to 2003.</FONT></P></DIV>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Civil Contingencies</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">These are mainly claims for indemnities within the civil judicial processes in which we are involved. Such proceedings, in general, result of occupational accidents, diseases and contractual disputes related to our industrial activities. As of December 31, 2011, the amount relating to probable losses for these contingencies was R$94 million.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We also classify as civil contingencies the administrative and judicial proceedings filed against us for alleged violation of environmental statutes, mainly as a result of our industrial activities, claims for regularization, indemnification or imposition of fines. As of December 31, 2011, the amount relating to probable losses for civil contingencies relating to environmental issues was R$6.9 million.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tax Contingencies</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Among our tax contingencies there are charges for alleged non-payment of income tax and social contribution taxes in Brazil, for which a provision of R$253 million has been recorded in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Refis</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In November 2009, we adhered to the Tax Recovery Program (REFIS) established by the Federal Government in order to settle our tax and social security liabilities through a special settlement and installment payment system. Management&#8217;s decision took into consideration the economic benefits provided by the REFIS, such as discounts and fines exemptions, as well as the high costs of maintaining pending lawsuits. Joining the REFIS allows us to pay a reduced amount of the fines, interest and legal charges that were previously due. On December 31, 2011, the position of the debt under the REFIS, recorded under taxes payable in installments, was R$2,095 million (R$1,444 million in 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Refis - IPI premium credit over exports </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The IPI premium tax credits relate to export sales made during 1992 to 2002. Tax laws allowed Brazilian companies to recognize IPI premium tax credits until 1983, when an act of the executive branch of the Brazilian government cancelled such benefits and prohibited companies from recognizing such credits. We challenged the constitutionality of the executive branch&#8217;s action and obtained, in August 2003, a favorable decision from a Brazilian trial court that authorized the use of IPI premium tax credits. However, in August 2009, the Brazilian Federal Supreme Court, or STF, issued a decision with effects of general repercussion establishing that the IPI premium tax credits were only recognizable until October 1990.&nbsp; Accordingly, the credits accrued after such date should not have been recognized and, as a result, our board of directors approved the inclusion of this matter in the REFIS. In June 2011, the inclusion of the discussed amounts in the REFIS was ratified by the proper authorities.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Refis - Social Contribution on Net Income from Export Revenues</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We filed a lawsuit challenging the assessment of Social Contribution on Net Income charged on income from export revenues based on Constitutional Amendment No. 33/01. Despite an initial decision in March 2004 authorizing the exclusion of these export revenues from the taxable basis - as well as the offsetting of amounts paid from 2001 - in August 2010 the Brazilian Federal Supreme Court, or STF, ruled unfavorably in another proceeding unrelated to us but that discussed the same subject matter (RE 564413). Accordingly, and following the recommendation of our external counsel, the remaining amount of R$402 million (as of December 31, 2010) was included in REFIS in June 2011. This inclusion was already ratified by the proper authorities.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Antitrust</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In October 1999, CADE fined us, claiming that certain practices adopted by us and other Brazilian steel companies up to 1997 allegedly comprised a cartel.&nbsp; We challenged the cartel allegation and the imposition of the fine judicially and, on June 2003, obtained a partially favorable judgment by a federal trial court.&nbsp; CADE appealed the trial court decision and, on June 2010, a federal appellate court in Bras&#237;lia held a judgment reversing the trial court&#8217;s decision and confirming the cartel allegation as well as the fine imposed by CADE in the amount of R$65 million.&nbsp; We appealed the decision of the appellate court to the Brazilian Superior Court of Justice. We have not yet recorded any provision in connection with this fine.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In September 2011, CSN received a request from Secretaria de Direito Econ&#244;mico (SDE) to provide information related to the acquisition of shares of Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; Usiminas in order to evaluate a possible concentration act. In October 2011, SDE involved Conselho Administrativo de Defesa Econ&#244;mica (CADE) and Secretaria de Acompanhamento Econ&#244;mico (SEAE) on the subject. CSN has been providing the requested information to such antitrust bodies. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On April 11, 2012 CADE issued an injunctive order barring us from, among others, acquiring more Usiminas shares or exercising our voting rights on the shares we already own. We are analyzing alternatives to preserve our rights.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other Legal Proceedings</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company and its subsidiaries are defendants in other proceedings at administrative and judicial levels, in the approximate amount of R$6,881 million, of which R$5,196 million relate to tax contingencies, R$570 million to civil contingencies, and R$1,115 million to labor and social security contingencies. The assessments made by legal counsel define these contingencies as entailing a risk of possible loss and, therefore, no provision was recorded in conformity with Management&#8217;s judgment.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company is also a defendant in an arbitration proceeding at the International Court of Arbitration - ICC that discusses potential damages suffered by the plaintiff due to a breach of contract in the estimated amount of R$84 million.&nbsp; The proceeding is in the discovery phase.&nbsp; This case is classified as entailing a risk of possible loss and, therefore, no provision was recorded in conformity with Management&#8217;s judgment.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For further information on our legal proceedings and contingencies, see Note 19 to our consolidated financial statements.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Dividend Policy </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">General</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Subject to certain exceptions set forth in Brazilian Corporate Law, our bylaws require that we pay a yearly minimum dividend equal to 25% of our adjusted net profits, calculated in accordance with Brazilian Corporate Law.&nbsp; Proposals to declare and pay dividends in excess of the statutory minimum dividend requirement are generally made at the recommendation of our Board of Directors and approved by the vote of our shareholders.&nbsp; Any such proposal will be dependent upon our results of operations, financial condition, cash requirements for our business, future prospects and other factors deemed relevant by our Board of Directors.&nbsp; Until December&nbsp;2000, it had been our policy to pay dividends on our outstanding common shares not less than the amount of our required distributions for any particular fiscal year, subject to a determination by our Board of Directors that such distributions would be inadvisable in view of our financial condition.&nbsp; In December&nbsp;2000, our Board of Directors decided to adopt a policy of paying dividends equal to all legally available net profits, after taking into consideration the following priorities:&nbsp; (i)&nbsp;our business strategy; (ii)&nbsp;the performance of our obligations; (iii)&nbsp;the accomplishment of our required investments; and (iv)&nbsp;the maintenance of our good financial status.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to a change in Brazilian tax law effective January&nbsp;1, 1996, Brazilian companies are also permitted to pay limited amounts of interest on stockholders&#8217; equity to holders of equity securities and to treat these payments as an expense for Brazilian income tax purposes.&nbsp; These payments may be counted in determining if the statutory minimum dividend requirement has been met, subject to shareholder approval.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For dividends declared during the past three years, see &#8220;Item 3A.&nbsp; Selected Financial Data.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">At our Annual Shareholders&#8217; Meeting of April&nbsp;27, 2012, our shareholders approved the payment of dividends and interest on shareholders&#8217; equity relating to 2011, in the total amount of R$1,200&nbsp;million as dividends. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amounts Available for Distribution</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">At each Annual Shareholders&#8217; Meeting, our Board of Directors is required to recommend how our earnings for the preceding fiscal year are to be allocated.&nbsp; For purposes of Brazilian Corporate Law, a company&#8217;s income net of&nbsp; income tax and social contribution for any one fiscal year, any accumulated losses from prior fiscal years and amounts allocated to employees&#8217; and management&#8217;s participation in earnings, represents its &#8220;net profits&#8221; for that fiscal year.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In accordance with Brazilian Corporate Law, an amount equal to 50% of our net profits as further (i)&nbsp;reduced by amounts allocated to the legal reserve; (ii)&nbsp;reduced by amounts allocated to the contingency reserve and the tax incentive reserve, if any; and (iii)&nbsp;increased by the eventual reversion of any contingency reserves constituted in prior years, will be available for distribution to shareholders in any particular year (&#8220;Distributable Amount&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Legal Reserve</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Under Brazilian Corporate Law, we are required to maintain a &#8220;legal reserve&#8221; to which we must allocate 5% of our &#8220;net profits&#8221; for each fiscal year until the amount of the reserve equals 20% of our paid-in capital.&nbsp; However, we are not required to make any allocations to our legal reserve in a year in which the legal reserve, when added to our other established capital reserves, exceeds 30% of our capital stock. The amounts allocated to such reserve must be approved by our shareholders in the Annual Shareholders&#8217; Meeting, and may be used to increase our capital stock or to offset losses and, therefore, are not available for the payment of dividends.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Discretionary (or Statutory) Reserves. </FONT></I><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under Brazilian Corporate Law, any corporation may provide in its by-laws for the creation of additional reserves, provided that the maximum amount that may be allocated to such reserves, the purpose of such reserves and the allocation criteria of such reserves are specified.&nbsp; There can not be any allocation to such reserves if it affects payment of the Mandatory Dividend (as defined below).&nbsp; Our by-laws currently&nbsp; provide that our Board of Directors may propose to our shareholders the deduction of at least 1% from our net profits to be allocated to a Working Capital and Investments Reserve.&nbsp; Constitution of such reserve will not affect payment of the Mandatory Dividend.&nbsp; Our by-laws do not provide for any other discretionary reserve.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Contingency Reserve.&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under Brazilian Corporate Law, a percentage of our &#8220;net profits&#8221; may be allocated to a contingency reserve for estimable losses that are considered probable in future years.&nbsp; Any amount so allocated in a prior year must either be reserved in the fiscal year in which the loss had been anticipated if the loss does not occur as projected or be written off in the event that the anticipated loss occurs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tax Incentive Reserve. </FONT></I><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our shareholders in a shareholders&#8217; meeting may, following a management&#8217;s proposal, allocate to a tax incentive reserve the portion&nbsp; of our &#8220;net profits&#8221; resulting from donations or governmental grants for investments, which may be excluded from the taxable basis of the Mandatory Dividend (as defined below).&nbsp; Our by-laws currently do not provide for such reserve.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Unrealized Profits Reserve</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Under Brazilian Corporate Law, the amount by which the Mandatory Dividend exceeds our realized net profits in a given fiscal year may be allocated to an unrealized profits reserve.&nbsp; Brazilian Corporate Law defines &#8220;realized net profits&#8221; for the period as the amount by which our &#8220;net profits&#8221; exceeds the sum of (i)&nbsp;positive equity net results and (ii)&nbsp;the net profits, gains or returns that will be realized&nbsp; after the end of the subsequent fiscal year.&nbsp; &#8220;Net profits&#8221; allocated to the unrealized profits reserve must be added to the next Mandatory Dividend (as defined below) distribution after those profits have been realized, if they have not been used to absorb losses in subsequent periods.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Retained Earnings Reserve</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; Under Brazilian Corporate Law, our shareholders may decide at a general shareholders&#8217; meeting to retain a portion of our net profits that is provided for in a previously approved capital expenditure budget.&nbsp; No allocation of net profits may be made to the retained earnings reserve in case such allocation affects the payment of a Mandatory Dividend (as defined below).</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The balance of our profit reserves, except those for contingencies, tax incentives and unrealized profits, shall not be greater than our capital stock.&nbsp; If such reserves reach this limit, the manner in which such surplus is used will be decided at a shareholders&#8217; meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For purposes of determining reserve amounts, the calculation of &#8220;net profits&#8221; and allocations to reserves for any fiscal year are determined on the basis of financial statements prepared in accordance with Brazilian Corporate Law.&nbsp; The consolidated financial statements included herein have been prepared in accordance with IFRS and, although our allocations to reserves and dividends will be reflected in the financial statements, investors will not be able to calculate the allocations or required dividend amounts from the consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Capital Reserve. </FONT></I><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under Brazilian Corporate Law, the capital reserve consists of premiums from the issuance of shares, goodwill reserves from mergers, sales of founders' shares, and sales of warrants,.&nbsp; Amounts allocated to our capital reserve are not taken into consideration for purposes of determining Mandatory Dividends (as defined below).&nbsp; Our capital stock is not currently represented by founders' shares.&nbsp; In our case, any amounts allocated to the capital reserve may only be used to increase our capital stock, to absorb losses that surpass accumulated profits and profit reserves, or to redeem, reimburse or purchase shares.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Mandatory Dividend</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under our bylaws, we are required to distribute to shareholders as dividends in respect of each fiscal year ending on December&nbsp;31, to the extent profits are available for distribution, an amount equal to at least 25% of the Distributable Amount (the &#8220;Mandatory Dividend&#8221;) in any particular year, which amount shall include any interest paid on capital during that year.&nbsp; See &#8220;Additional Payments on Shareholders&#8217; Equity&#8221; below.&nbsp; In addition to the Mandatory Dividend, our Board of Directors may recommend that shareholders receive an additional payment of dividends from other funds legally available.&nbsp; Any payment of interim dividends may be netted against the amount of the Mandatory Dividend for that fiscal year.&nbsp; Under Brazilian Corporate Law, if the Board of Directors determines prior to the Annual Shareholders&#8217; Meeting that payment of the Mandatory Dividend for the preceding fiscal year would be inadvisable in view of our financial condition, the Mandatory Dividend does not need to be paid.&nbsp; That type of determination must be reviewed by the Fiscal Committee, if one exists, and reported, together with the appropriate explanations, to the shareholders and to the CVM. Mandatory dividends not distributed as described above shall be registered as a special reserve and, if not absorbed by losses in subsequent fiscal years, shall be paid as a dividend as soon as our financial condition allows for it. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Payment of Dividends</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are required to hold Annual Shareholders&#8217; Meetings within the first four months after the end of our fiscal year at which an annual dividend may be declared.&nbsp; Additionally, our Board of Directors may declare interim dividends.&nbsp; Under Brazilian Corporate Law, dividends are generally required to be paid to the holder of record on a dividend declaration date within 60&nbsp;days following the date the dividend was declared, unless a shareholders&#8217; resolution sets forth another date of payment, which, in either case, must occur prior to the end of the fiscal year in which the dividend was declared.&nbsp; A shareholder has a three-year period from the dividend payment date to claim dividends (or interest on shareholders&#8217; equity as described under &#8220;Additional Payments on Shareholders&#8217; Equity&#8221; below) in respect of its shares, after which we will no longer be liable for the dividend payments.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our payments of cash distributions on common shares underlying the ADSs will be made in Brazilian currency to our ADR custodian on behalf of our ADR depositary, which will then convert the proceeds into U.S. dollars and will cause the U.S. dollars to be delivered to our ADR depositary for distribution to holders of ADSs.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Additional Payments on Shareholders&#8217; Equity</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Since January&nbsp;1, 1996, Brazilian companies have been permitted to pay interest on shareholders&#8217; equity to holders of equity securities and to treat those payments as a deductible expense for Brazilian income tax purposes.&nbsp; The amount of interest payable on capital is calculated based on the TJLP &#8211; Long Term Interest Rate, as determined by the Central Bank, and applied to each shareholder&#8217;s portion of net equity.&nbsp; Brazilian Corporate Law establishes that current earnings are not included as part of the net equity.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The TJLP is determined by the Central Bank on a quarterly basis.&nbsp; The TJLP is based on the annual profitability average of Brazilian public internal and external debt.&nbsp; The TJLP rate for the fourth quarter of 2011 was 6%.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Interest on shareholders&#8217; equity is deductible up to the greater of the following amounts: (i) 50% of the &nbsp;net profits, as determined for accounting purposes, for the current period of interest payment after the deduction of the social contribution on net profits and before the provision for income tax and the deduction of the amount of such interest; and (ii)&nbsp;50% of the balance of accumulated earnings and profits reserves from prior years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647492"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">8B. Significant Changes</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">None</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647493"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 9. The Offer and Listing</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647494"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9A. Offer and Listing Details </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our capital stock is comprised of common shares without par value (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a&#231;&#245;es ordin&#225;rias</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">).&nbsp; On January&nbsp;22, 2008, our shareholders approved a one-for-three split of our common shares.&nbsp; As a result of this stock split, each common share of our capital stock as of January&nbsp;22, 2008 became represented by three common shares after the split.&nbsp; The same ratio of one common share for each ADS was maintained.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On March&nbsp;25, 2010, our shareholders approved a two-for-one split of our common shares.&nbsp; As a result of this stock split, each common share of our capital stock as of March&nbsp;25, 2010 became represented by two common shares after the split.&nbsp; The same ratio of one common share for each ADS was maintained. See &#8220;Item 10.B. Memorandum and Articles of Association.&#8221;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table sets forth information concerning the high and low closing sale prices and the average daily trading volume of our common shares on the BM&amp;FBOVESPA (per common share) and the ADSs on the NYSE for the periods indicated.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Common Shares<SUP>(1)</SUP></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">American Depositary Shares</FONT></B><SUP><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(1)</FONT></SUP></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">US$ per Share<SUP>(2)</SUP></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">US$ per ADS</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Low</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(In</FONT></I></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"> </FONT><B><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">thousands)&nbsp;</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">High</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Low</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(In</FONT></I></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"> </FONT><B><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">thousands)&nbsp;</FONT></I></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2006</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">: &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Year end </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6.19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3.49</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4,216</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6.23</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3.57</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,596</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2007</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">: &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Year end </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">14.90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4.67</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,330</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">15.28</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4.71</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6,977</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2008</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">: &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Year end </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">25.63</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,761</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">25.51</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3.94</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">9,222</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2009</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">: &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Year end </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">18.45</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4,936</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">18.61</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7,218</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2010</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">: &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">First quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">20.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">14.25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">4,739 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">20.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">14.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">6,577 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Second quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">20</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">.81&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">13.37</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">4,035 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">20.76</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">13.16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">6,386 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Third quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">17.37</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">14.53</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,143 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">17.67</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">14.34</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">4,353 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Fourth quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">17.78</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">15.21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">2,666 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">18.21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">15.54</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">4,202 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Year end</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">20.81</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">13.37</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,637</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">20.76</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">13.16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">5,360</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">First quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">17.98</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">15.24</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">3,036</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">18.33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">15.41</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">4,377</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Second quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">16.81</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">11.60</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,169</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">17.22</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">11.81</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">4,453 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Third quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">12.55</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7.89</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,780</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">12.62</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">7.94</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">5,932 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Fourth quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">9.66</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7.23</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,683</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">9.89</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">7.31</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">4,573 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Year End</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">17.98</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7.23</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,422</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">18.33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">7.31</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" lang=EN-US color=black face="Times New Roman">4,840 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">First quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">10.83</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">8.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,958</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">10.88</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">8.53</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,486 </FONT></P></TD></TR>

<TR height=0>

   <TD width="28%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Month Ended:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">October 31, 2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">9.66</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7.23</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4,623</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">9.89</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7.46</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,858 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">November 30, 2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">9.51</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7.54</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,650</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">9.70</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7.55</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4,319 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December 31, 2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">8.84</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7.35</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,819</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">8.76</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7.31</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,542 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">January 31, 2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">10.54</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">8.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,626</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">10.54</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">8.53</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,393 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">February 29, 2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">10.83</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">10.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4,290</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">10.88</FONT></P></FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">10.10</FONT></P></FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,595 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">March 31, 2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">10.78</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">9.45</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3.989</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">10.73</FONT></P></FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">9.46</FONT></P></FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,470 </FONT></P></TD></TR>

<TR height=0>

   <TD width="28%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: center">102</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Source: Econom&#225;tica.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">Prices and volumes of our common shares and ADSs have been adjusted to reflect the two-for-one stock split occurred in March&nbsp;2010 whereby each common share of our capital stock on March&nbsp;25, 2010 became represented by two common shares. See &#8220;Item 10.B. Memorandum and Articles of Association.&#8221; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">U.S. dollar amounts have been translated from </FONT><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">reais </FONT></I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">at the exchange rates in effect on the respective dates of the quotations for the common shares set forth above. These U.S. dollar amounts may reflect exchange rate fluctuations and may not correspond to changes in nominal </FONT><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">reais </FONT></I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">prices over time.</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of April&nbsp;18, 2012, the closing sale price (i)&nbsp;per common share on the BM&amp;FBOVESPA was of R$17.27 and (ii)&nbsp;per ADS on the NYSE was of US$9.22.&nbsp; The ADSs are issued under a deposit agreement and JP Morgan Bank</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">serves as depositary under that agreement.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December&nbsp;31, 2011, approximately 374&nbsp;million, or approximately 25.6%, of our outstanding common shares were held through ADSs.&nbsp; Substantially all of these ADSs were held of record by The Depository Trust Company.&nbsp; In addition, our records indicate that on that date there were approximately 154 record holders (other than our ADR depositary) with addresses in the U.S., holding an aggregate of approximately 53&nbsp;million common shares, representing 3.6% of our outstanding common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647495"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9B. Plan of Distribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647496"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9C. Markets</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The principal trading market for our common shares is BM&amp;FBOVESPA.&nbsp; Our ADSs trade on the NYSE under the symbol &#8220;SID.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Trading on the BM&amp;FBOVESPA and NYSE</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CSN shares traded in the market are comprised of ordinary shares without nominal value. Ordinary shares are traded on the Brazilian Stock Exchange, BM&amp;FBOVESPA, under the code CSNA3. Our ADSs, each one representing an ordinary share, are traded on the New York Stock Exchange, NYSE, under the code SID.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2000, the BM&amp;FBOVESPA was reorganized through the execution of a memoranda of understanding by the Brazilian stock exchanges.&nbsp; Under the memoranda, all securities in Brazil are now traded only on the BM&amp;FBOVESPA. When shareholders trade in common and preferred shares on the BM&amp;FBOVESPA, the trade is settled in three business days after the trade date without adjustment of the purchase price for inflation.&nbsp; The seller is ordinarily required to deliver the shares to the exchange on the third business day following the trade date.&nbsp; Delivery of and payment for shares are made through the facilities of BM&amp;FBOVESPA&#8217;s clearinghouse.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The BM&amp;FBOVESPA is significantly less liquid than the NYSE or other major exchanges in the world.&nbsp; As of December&nbsp;2011, the aggregate market capitalization of the BM&amp;FBOVESPA was equivalent to R$2.3 trillion (or US$1.2 trillion).&nbsp; In contrast, as of December&nbsp;2011, the aggregate market capitalization of the NYSE was US$11.8 trillion.&nbsp; The average daily trading volume of the BM&amp;FBOVESPA and NYSE for December&nbsp;2011 was of approximately R$6.0&nbsp;billion (or US$3.2&nbsp;billion) and US$53.7&nbsp;billion, respectively.&nbsp; Although any of the outstanding shares of a listed company may trade on the BM&amp;FBOVESPA, in most cases fewer than half of the listed shares are actually available for trading by the public, since the remaining shares are generally being held by small groups of controlling persons, by government entities or by one principal shareholder.&nbsp; See &#8220;Item 3. Risk Factors&#8212;Risks Relating to the ADSs and Our Common Shares&#8212;The relative volatility and illiquidity of the Brazilian securities markets may substantially limit the ability of holders of our common shares or ADSs to sell the common shares underlying the ADSs at the time and price they desire.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As of December&nbsp;31, 2011, we accounted for approximately 0.95% of the market capitalization of all listed companies on the BM&amp;FBOVESPA.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table reflects the fluctuations in the Ibovespa index during the periods indicated:</FONT></P></DIV>

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<P style="TEXT-ALIGN: center">103</P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ibovespa Index</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">High</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Low</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Close</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2006&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">44,526&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp;32,847&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;44,473&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2007&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">65,790&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp;41,179&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;63,886&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2008&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">73,516&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp;29,435&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;37,550&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">69,349</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">36,234</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">68,588</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">72,995</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">58,192</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">69,304</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">71,632</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">48,668</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">56,754</FONT></P></TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2012 (through March 31)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">68,394</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">57,829</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">64,510</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The IBOVESPA index closed at 64,510 on March&nbsp;31, 2012. Trading on the BM&amp;FBOVESPA by nonresidents of Brazil is subject to certain limitations under Brazilian foreign investment legislation.&nbsp; See &#8220;Item 10D.&nbsp; Exchange Controls.&#8221;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Regulation of the Brazilian Securities Markets</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Brazilian securities markets are regulated by CVM, which has authority over stock exchanges and the securities markets in general, and by the Central Bank, which has, among other powers, licensing authority over brokerage firms and regulates foreign investment and foreign exchange transactions.&nbsp; The Brazilian securities market is governed by Law No. 6,385 dated December&nbsp;7, 1976, as amended, or the Brazilian Securities Law, Brazilian Corporate Law and regulations issued by CVM.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under Brazilian Corporate Law, a company is either public, a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">companhia aberta</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, such as CSN, or private, a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">companhia fechada</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; All public companies are registered with CVM and are subject to reporting and regulatory requirements.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Trading in securities on the BM&amp;FBOVESPA may be suspended at the request of a company in anticipation of a material announcement.&nbsp; The company should also suspend its trading on international stock exchanges where its securities are traded.&nbsp; Trading may also be suspended on the initiative of the BM&amp;FBOVESPA or CVM, among other reasons, based on or due to a belief that a company has provided inadequate information regarding a material event or has provided inadequate responses to the inquires by CVM or the BM&amp;FBOVESPA.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Brazilian Securities Law and the regulations issued by CVM provide for, among other things, disclosure requirements, restrictions on insider trading and price manipulation, as well as protection of minority shareholders.&nbsp; However, the Brazilian securities markets are not as highly regulated and supervised as the United States securities markets or markets in certain other jurisdictions. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Disclosure Requirements</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to Law No 6,385, a publicly held company must submit to CVM and BM&amp;FBOVESPA certain periodic information, including annual and quarterly reports prepared by management and independent auditors.&nbsp; This legislation also requires companies to file with CVM shareholder agreements, notices of shareholders&#8217; meetings and copies of the related minutes.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to CVM Resolution No. 358, of January&nbsp;3, 2002, CVM revised and consolidated the requirements regarding the disclosure and use of information related to material facts and acts of publicly held companies, including the disclosure of information in the trading and acquisition of securities issued by publicly held companies.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Such requirements include provisions that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Establish the concept of a material fact that gives rise to reporting requirements.&nbsp; Material facts include decisions made by the controlling shareholders, resolutions of the shareholders at a shareholders&#8217; meeting </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">and of management of the company, or any other facts related to a company&#8217;s business (whether occurring within the company or otherwise somehow related thereto) that may influence the price of its publicly traded securities, or the decision of investors to trade such securities or to exercise any of such securities&#8217; underlying rights;</FONT></P></DIV>

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<a name="_bclHeader109"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt">

<FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Specify examples of facts that are considered to be material, which include, among others, the execution of agreements providing for the transfer of control of the company, the entry or withdrawal of shareholders that maintain any managing, financial, technological or administrative function with or contribution to the company, and any corporate restructuring undertaken among related companies;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Oblige the investor relations officer, controlling shareholders, other officers, directors, members of the audit committee and other advisory boards to disclose material facts;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Require simultaneous disclosure of material facts to all markets in which the corporation&#8217;s securities are admitted for trading;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Require the acquirer of a controlling stake in a corporation to disclose material facts, including its intentions as to whether or not to de-list the corporation&#8217;s shares within one year from the acquisition of such controlling stake;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Establish rules regarding disclosure requirements in the acquisition and disposal of a material ownership interest; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Forbid trading on the basis of material non-public information.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to CVM Rule No. 480. of December&nbsp;7, 2009, CVM expands the quantity and improves the quality of information reported by issuers in Brazil.&nbsp; This Rule represents a significant step forward in providing the market with greater transparency over securities issuers.&nbsp; For that purpose, the Annual Information Report (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">IAN</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">)&nbsp;was replaced by a more comprehensive and opinative reference form (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Formul&#225;rio de Refer&#234;ncia</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), which comprises the information requested by </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">IAN&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and several other data required under CVM Rule No. 400. of December&nbsp;29, 2003, which were previously subject to disclosure only upon a public offering.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The reference form (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Formul&#225;rio de Refer&#234;ncia</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">) is in line with the Shelf Registration System recommended by the International Organization Securities Commission (IOSCO)&nbsp;and adopted in other countries (England and the United States, among others), by means of which the information regarding an specific issuer is consolidated into one document and is subject to periodic update (the &#8220;Shelf Document&#8221;).&nbsp; This mechanism offers the investor the possibility to analyze one single document for relevant information about the issuer.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CVM Rule No. 480. also created two groups of issuers per type of securities traded.&nbsp; Group A issuers are authorized to trade in any securities, whereas Group B issuers must not trade in stocks, depositary receipts (BDRs, Units) and securities convertible or exchangeable into stocks or depositary receipts.&nbsp; The greater extend of Group A authorization is followed by more stringent disclosure and reporting requirements.&nbsp; We, as issuers of stocks, are part of Group A and, as such, are subject to more stringent disclosure and reporting requirements.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CVM has also enacted Rule No. 481. of December&nbsp;17, 2009 to regulate two key issues involving general meetings of shareholders in publicly held companies:&nbsp; (i)&nbsp;the extent of information and documents to be provided in support of call notices (subject to prior disclosure to shareholders); and (ii)&nbsp;proxy solicitation for exercise of voting rights.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CVM Rule No. 481. is intended to (i)&nbsp;improve the quality of information disclosed by publicly held companies to shareholders and to the market in general, favoring the use of Internet as a vehicle to that end; (ii)&nbsp;make the exercise of voting rights less costly and foster the participation of shareholders in general meetings, specially for companies with widely dispersed capital; and, consequently (iii)&nbsp;facilitate the oversight of corporate businesses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647497"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9D. Selling Shareholders</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

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<P style="TEXT-ALIGN: center">105</P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9E. Dilution</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647499"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">9F. Expenses of the Issue</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647500"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 10. Additional Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647501"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10A. Share Capital</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647502"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10B. Memorandum and Articles of Association</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Registration and Corporate Purpose</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are registered with the Department of Trade Registration under number 15,910.&nbsp; Our corporate purpose, as set forth in Article 2 of our bylaws, is to manufacture, transform, market, import and export steel products and steel derived by-products, as well as to explore other activities that are directly or indirectly related to our corporate purpose, including:&nbsp; mining, cement and carbochemical business activities, the manufacture and assembly of metallic structures, construction, transportation, navigation and port activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Directors&#8217; Powers</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to our bylaws, a director may not vote on a proposal, arrangement or contract in which the director&#8217;s interests conflict with our interests.&nbsp; In addition, our shareholders must approve the compensation of our management and, in case a global amount is fixed, our Board of Directors is responsible for allocating individual amounts of management compensation.&nbsp; There is no mandatory retirement age for our directors.&nbsp; A detailed description of the general duties and powers of our Board of Directors may be found in &#8220;Item 6A.&nbsp; Directors and Senior Management.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Description of Capital Stock</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Set forth below is certain information concerning our capital stock and a brief summary of certain significant provisions of our bylaws and Brazilian Corporate Law applicable to our capital stock.&nbsp; This description does not purport to be complete and is qualified by reference to our bylaws and to Brazilian law.&nbsp; For further information, see our bylaws, which have been filed as an exhibit to this annual report.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Capital Stock</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">On August 2, 2011 we cancelled 25,063,577 of our shares which were held in treasury at that time.&nbsp; On December 31, 2011 our capital stock was composed of 1,457,970,108 common shares.&nbsp; Our bylaws authorize the Board of Directors to increase the capital stock up to 2,400,000,000 common shares without an amendment to our bylaws.&nbsp; There are currently no classes or series of preferred shares issued or outstanding.&nbsp; We may purchase our own shares for purposes of cancellation or to hold them in treasury subject to certain limits and conditions established by the CVM and Brazilian Corporate Law.&nbsp; See &#8220;Item 16E.&nbsp; Purchases of Equity Securities by the Issuer and Affiliated Purchasers.&#8221;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Liability for Further Capital Calls</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to Brazilian Corporate Law, a shareholder&#8217;s liability is generally limited to the issue price of the subscribed or purchased shares.&nbsp; There is no obligation of a shareholder to participate in additional capital calls.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Voting Rights</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Each common share entitles the holder to one vote at our shareholders&#8217; meetings.&nbsp; According to a CVM ruling, shareholders that represent at least 5% of our common shares may request cumulative voting in an election of our Board of Directors.&nbsp; Pursuant to Brazilian Corporate Law, shareholders holding at least 15% of our common shares have the right to appoint a member of our Board of Directors.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Shareholders&#8217; Meetings</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to Brazilian Corporate Law, the shareholders present at an annual or extraordinary shareholders&#8217; meeting, convened and held in accordance with Brazilian Corporate Law and our bylaws are empowered to decide all matters relating to our corporate purpose and to pass any resolutions they deem necessary for our protection and well-being.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In order to participate in a shareholders&#8217; meeting, a shareholder must be a record owner of the share on the day the meeting is held, and may be represented by a proxy.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Shareholders&#8217; meetings are called, convened and presided over by the Chairman or Vice-Chairman of our Board of Directors.&nbsp; Brazilian Corporate Law requires that our shareholders&#8217; meeting be convened by publication of a notice in the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Di&#225;rio Oficial do Estado de S&#227;o Paulo</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, the official government publication of the State of S&#227;o Paulo, and in a newspaper of general circulation in Brazil and in the city in which our principal place of business is located, currently the Jornal Valor Econ&#244;mico, at least 15&nbsp;days prior to the scheduled meeting date and no fewer than three times.&nbsp; We have changed to the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Di&#225;rio Oficial do Estado de S&#227;o Paulo</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> as a result of the transfer of our headquarters to S&#227;o Paulo and as approved by our shareholders by unanimous vote at our shareholders&#8217; meeting held on May 30, 2011.&nbsp; Both notices must contain the agenda for the meeting and, in the case of an amendment to our bylaws, an indication of the subject matter.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In order for a shareholders&#8217; meeting to be held, shareholders representing a quorum of at least one-fourth of the voting capital must be present, except for meetings convened to amend our bylaws, where shareholders representing at least two-thirds of the voting capital must be present.&nbsp; A shareholder may be represented at a shareholders&#8217; meeting by means of a proxy, appointed not more than one year before the meeting, who must be either a shareholder, a company officer or a lawyer.&nbsp; For public companies, such as we are, the proxy may also be a financial institution.&nbsp; If no quorum is present, notice must be given in the manner described above, no fewer than eight days prior to the scheduled meeting date.&nbsp; On second notice, the meeting may be convened without a specific quorum requirement, subject to the minimum quorum and voting requirements for certain matters, as described below.&nbsp; A holder of shares with no voting rights may attend a shareholders&#8217; meeting and take part in the discussion of matters submitted for consideration.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Except as otherwise provided by law, resolutions passed at a shareholders&#8217; meeting require a simple majority vote, abstentions not considered.&nbsp; Pursuant to Brazilian Corporate Law, the approval of shareholders representing at least one-half of the issued and outstanding voting shares is required for the following actions:&nbsp; (i)&nbsp;to create a new class of preferred shares or disproportionately increase an existing class of preferred shares relative to the other classes of preferred shares, to change a priority, preference, right, privilege or condition of redemption or amortization of any class of preferred shares or to create any class of non-voting preferred shares that has a priority, preference, right, condition or redemption or amortization superior to an existing class of shares (in these cases, a majority of the issued and outstanding shares of the affected class is also required); (ii)&nbsp;to reduce the Mandatory Dividend; (iii)&nbsp;to change our corporate purpose; (iv)&nbsp;to merge into or consolidate with another company or to spin-off our assets; (v)&nbsp;to dissolve or liquidate our Company; (vi)&nbsp;to cancel any liquidation procedure; (vii)&nbsp;to authorize the issuance of founders&#8217; shares; and (viii)&nbsp;to participate in a centralized group of companies as defined under Brazilian Corporate Law.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to Brazilian Corporate Law, shareholders voting at a shareholders&#8217; meeting have the power to:&nbsp; (i)&nbsp;amend our bylaws; (ii)&nbsp;elect or dismiss members of our Board of Directors (and members of the Fiscal Committee) at any time; (iii)&nbsp;receive and approve the annual management accounts, including the allocation of net profits and the distributable amounts for payment of the mandatory dividends and allocation to the various reserve accounts; (iv)&nbsp;authorize the issuance of debentures in general; (v)&nbsp;suspend the rights of a shareholder who has violated Brazilian Corporate Law or our bylaws; (vi)&nbsp;accept or reject the valuation of assets contributed by a </FONT>


<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">shareholder in consideration of the subscription of shares in our capital stock; (vii)&nbsp;authorize the issuance of founders&#8217; shares; (viii)&nbsp;pass resolutions authorizing reorganization of our legal form, a merger, consolidation or split of the company, dissolution&nbsp; and liquidation of the company, election and dismissal of our liquidators and to examine their accounts; and (ix)&nbsp;authorize management to declare the company insolvent and to request a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">recupera&#231;&#227;o judicial</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> or </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">recupera&#231;&#227;o extrajudicial</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> (a procedure involving protection from creditors similar in nature to a reorganization under the U.S. Bankruptcy Code), among others.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Redemption Rights</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our common shares are not redeemable, except that a dissenting and adversely affected shareholder is entitled, under Brazilian Corporate Law, to obtain redemption upon a decision made at a shareholders&#8217; meeting by shareholders representing at least one half of the issued and outstanding voting shares to:&nbsp; (i)&nbsp;create a new class of preferred shares or to disproportionately increase an existing class of preferred shares relative to the other classes of preferred shares (unless these actions are provided for or authorized by our bylaws); (ii)&nbsp;modify a preference, privilege or condition of redemption or amortization conferred on one or more classes of preferred shares, or to create a new class with greater privileges than an existing class of preferred shares; (iii)&nbsp;reduce the mandatory distribution of dividends; (iv)&nbsp;change our corporate purpose; (v)&nbsp;merge us with another company or consolidate us; (vi)&nbsp;transfer all of our shares to another company in order to make us a wholly-owned subsidiary of that company (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">incorpora&#231;&#227;o</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">); (vii)&nbsp;approve the acquisition of control of another company at a price that exceeds certain limits set forth under Brazilian Corporate Law; (viii)&nbsp;approve our participation in a centralized group of companies as defined under Brazilian Corporate Law; (ix)&nbsp;conduct a spin-off that results in (a)&nbsp;a change of corporate purpose, (b)&nbsp;a reduction of the Mandatory Dividend or (c)&nbsp;any participation in a group of companies as defined under Brazilian Corporate Law; or (x)&nbsp;in the event that the entity resulting from (a)&nbsp;a merger or consolidation, (b)&nbsp;an </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">incorpora&#231;&#227;o&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> as described above or (c)&nbsp;a spin-off of a listed company fails to become a listed company within 120&nbsp;days of the shareholders&#8217; meeting at which the decision was taken.&nbsp; The right o f redemption lapses 30&nbsp;days after publication of the minutes of the relevant shareholders&#8217; meeting.&nbsp; We would be entitled to reconsider any action giving rise to redemption rights within 10&nbsp;days following the expiration of those rights, if the redemption of shares of dissenting shareholders would jeopardize our financial stability.&nbsp; Law No. 9,457 dated May&nbsp;5, 1997, which amended Brazilian Corporate Law, contains provisions which, among others, restrict redemption rights in certain cases and allow companies to redeem their shares at their market value, subject to certain requirements.&nbsp; According to Brazilian Corporate Law, the reimbursement value of the common shares must equal the book value, which is determined by dividing our net assets by the total number of shares issued by us, excluding treasury shares (if any).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Preemptive Rights</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Except as provided for in Brazilian Corporate Law (such as in the case of mergers and public offerings), our bylaws allow each of our shareholders a general preemptive right to subscribe to shares in any capital increase, in proportion to his or her ownership interest.&nbsp; A minimum period of 30&nbsp;days following the publication of notice of a capital increase is allowed for the exercise of the right and the right is transferable.&nbsp; In the event of a capital increase that would maintain or increase the proportion of capital represented by common shares, holders of ADSs will have preemptive rights to subscribe only to newly issued common shares.&nbsp; In the event of a capital increase that would reduce the proportion of capital represented by common shares, holders of ADSs will have preemptive rights to subscribe for common shares, in proportion to their ownership interest, only to the extent necessary to prevent dilution of their interest in us.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Form and Transfer</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As our common shares are in registered form, the transfer of shares is governed by the rules of Article 31, paragraph 3, of Brazilian Corporate Law, which provides that a transfer of shares is effected by a transfer recorded in a company&#8217;s share transfer records upon presentation of valid share transfer instructions to the company by a transferor or its representative.&nbsp; When common shares are acquired or sold on a Brazilian stock exchange, the transfer is effected on our records by a representative of a brokerage firm or the stock exchange&#8217;s clearing system.&nbsp; Transfers of shares by a non-Brazilian shareholder are made in the same way and are executed by such shareholders&#8217; local agent.</FONT></P></DIV>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The BM&amp;FBOVESPA operates a central clearing system.&nbsp; A holder of our common shares may choose, at its discretion, to participate in this system and, in that case, all shares elected to be put into this system will be </FONT>

deposited in the custody of the BM&amp;FBOVESPA (through a Brazilian institution duly authorized to operate by the Central Bank and having a clearing account with the BM&amp;FBOVESPA).&nbsp; The fact that those common shares are held in the custody of the BM&amp;FBOVESPA will be reflected in our register of shareholders.&nbsp; Each participating shareholder will, in turn, be registered in our register of beneficial shareholders maintained by the BM&amp;FBOVESPA and will be treated in the same way as registered shareholders.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Limitations on Ownership and Voting Rights by non-Brazilians Shareholders</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There are no restrictions on ownership or voting of our common shares by individuals or legal entities domiciled outside Brazil.&nbsp; However, the right to convert dividend payments and proceeds from the sale of common shares into foreign currency and to remit those amounts outside Brazil is subject to exchange control restrictions and foreign investment legislation which generally require, among other things, obtaining a Certificate of Registration under the Brazilian National Monetary Council&#8217;s Resolution No. 2,689 or its direct foreign investment regulations.&nbsp; See &#8220;Item 10D.&nbsp; Exchange Controls.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Share Ownership Disclosure</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There are no provisions in our bylaws governing the ownership threshold above which shareholder ownership must be disclosed.&nbsp; CVM regulations require the disclosure of (i) the acquisition of 5% of any class of capital stock of a listed company and any subsequent acquisition or disposition of at least 5% of any such class of capital stock, (ii)&nbsp; acquisition of control of a listed company and (iii) the ownership of shares of capital stock of a listed company by members of such company&#8217;s Board of Executive Officers, Board of Directors, Audit Committee, Fiscal Committee (if any) and any other consulting or technical body (if any) and certain relatives of those persons.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10C. Material Contracts</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;None.&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647503"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10D.&nbsp; Exchange Controls</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There are no restrictions on ownership or voting of our common shares by individuals or legal entities domiciled outside Brazil.&nbsp; However, the right to convert dividend payments and proceeds from the sale of common shares into foreign currency and to remit those amounts outside Brazil is subject to exchange control restrictions and foreign investment legislation which generally require, among other things, obtaining a Certificate of Registration under the Brazilian National Monetary Council&#8217;s Resolution No. 2,689 or its direct foreign investment regulations. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Resolution No. 2,689 dated March&nbsp;31, 2000, introduced new rules to facilitate foreign investment in Brazil.&nbsp; The principal changes for foreign investors entering the Brazilian market include:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the removal of restrictions on investments by portfolio composition (e.g., equities, fixed income and derivatives); and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">permission for foreign individuals and corporations to invest in the Brazilian market, in addition to foreign institutional investors.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Prior to Resolution No. 2,689, foreign investors had to leave and reenter the country in order to switch their investments from equity to fixed income.&nbsp; Now foreign investors can freely switch their investments without leaving the local market.&nbsp; Foreign investors registered with the CVM and acting through authorized custody accounts and a legal representative may buy and sell any local financial product traded on the local exchanges and registered on the local clearing systems, including shares on the BM&amp;FBOVESPA, without obtaining separate Certificates of Registration for each transaction.&nbsp; Pursuant to Resolution No. 2,689, as amended, investors are also generally entitled to favorable tax treatment.&nbsp; See &#8220;Item 10E.&nbsp; Taxation&#8212;Brazilian Tax Considerations.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A Certificate of Registration has been issued in the name of JP Morgan Chase Bank N.A., as our ADR depositary, and is maintained by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ita&#250; Corretora de Valores S.A</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">., our ADR custodian, on behalf of our ADR depositary.&nbsp; Pursuant to the Certificate, our ADR custodian and our ADR depositary are able to convert dividends and other distributions with respect to the common shares represented by ADSs into foreign currency and remit the </FONT>


<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">proceeds outside Brazil.&nbsp; In the event that a holder of ADSs surrenders its ADSs for common shares, that holder will be entitled to continue to rely on our ADR depositary&#8217;s Certificate of Registration for only five business days after the surrender, following which the holder must obtain its own Certificate of Registration.&nbsp; Thereafter, unless the common shares are held pursuant to Resolution No. 2,689 or direct foreign investment regulations, the holder may not be able to convert into foreign currency and remit outside Brazil the proceeds from the disposition of, or distributions with respect to, those common shares, and the holder generally will be subject to less favorable Brazilian tax treatment than a holder of ADSs.&nbsp; See &#8220;Item 10E.&nbsp; Taxation&#8212;Brazilian Tax Considerations.&#8221;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A non-Brazilian holder of common shares may experience delays in obtaining a Certificate of Registration, which may delay remittances abroad.&nbsp; This kind of delay may adversely affect the amount, in U.S. dollars, received by the non-Brazilian holder.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under current Brazilian legislation, the Brazilian government may impose temporary restrictions on remittances of foreign capital abroad in the event of a serious imbalance or an anticipated serious imbalance of Brazil&#8217;s balance of payments.&nbsp; For approximately nine months in 1989 and early 1990, the Brazilian government froze all dividend and capital repatriations held by the Central Bank that were owed to foreign equity investors in order to conserve Brazil&#8217;s foreign currency reserves.&nbsp; These amounts were subsequently released in accordance with Brazilian government directives.&nbsp; See &#8220;Item 3D.&nbsp; Risk Factors&#8212;Risks Relating to our Common Shares and ADSs&#8212;If holders of ADSs exchange the ADSs for common shares, they risk losing the ability to remit foreign currency abroad and Brazilian tax advantages.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For a description of the foreign exchange markets in Brazil, see &#8220;Item 3A.&nbsp; Selected Financial Data&#8211; Exchange Rates.&#8221;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647504"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10E.&nbsp; Taxation</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following is a summary of certain U.S. federal income and Brazilian tax consequences of the acquisition, ownership and disposition of our common shares or ADSs by an investor that holds such common shares or ADSs.&nbsp; This summary does not purport to address all material tax consequences of the acquisition, ownership and disposition of our common shares or ADSs, does not take into account the specific circumstances of any particular investor and does not address certain investors that may be subject to special tax rules.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This summary is based on the tax laws of the United States (including the Internal Revenue Code of 1986, as amended, or the Code, its legislative history, existing and proposed Treasury regulations thereunder, published rulings and court decisions) and Brazil as in effect on the date hereof, which are subject to change (or changes in interpretation), possibly with retroactive effect.&nbsp; In addition, this summary is based in part upon the representations of our ADSs depositary and the assumption that each obligation in our deposit agreement and any related agreement will be performed in accordance with its terms.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Although there is, at present, no income tax treaty between Brazil and the United States, the tax authorities of the two countries have had discussions that may result in such a treaty.&nbsp; Both countries have been accepting the offset of income taxes paid in one country against the income tax due in the other based on reciprocity.&nbsp; No assurance can be given, however, as to whether or when an income tax treaty will enter into force or how it will affect the U.S. Holders, as defined below, of our common shares or ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">This discussion does not address any aspects of U.S. taxation (such as estate tax, gift tax and Medicare tax on net investment income) other than federal income taxation or any aspects of Brazilian taxation other than income, gift, inheritance and capital taxation.&nbsp; Prospective investors are urged to consult their own tax advisors regarding the Brazilian and U.S. federal, state and local tax consequences of the acquisition, ownership and disposition of our common shares and ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Brazilian Tax Considerations</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following discussion summarizes the principal Brazilian tax consequences of the acquisition, ownership and disposition of common shares or ADSs by a holder that is not domiciled in Brazil for purposes of Brazilian taxation (a &#8220;Non-Resident Holder&#8221;).&nbsp; It is based on Brazilian law as currently in effect.&nbsp; Any change in such law may change the consequences described below, possibly with retroactive effect.&nbsp; This discussion does not specifically </FONT>


<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">address all of the Brazilian tax considerations applicable to any particular Non-Resident Holder.&nbsp; Each Non-Resident Holder of common shares or ADSs should consult their own tax advisor concerning the Brazilian tax consequences of an investment in our common shares or ADSs.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A Non-Resident Holder of ADSs may withdraw them in exchange for common shares in Brazil.&nbsp; Pursuant to Brazilian law, the Non-Resident Holder may invest in common shares under Resolution 2,689, of January&nbsp;26, 2000, of the National Monetary Council (a &#8220;2,689 Holder&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Taxation of Dividends and Interest on Shareholders&#8217; Equity</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Dividends, including stock dividends and other dividends, paid by us (i)&nbsp;to our ADSs depositary in respect of the common shares underlying the ADSs or (ii)&nbsp;to a Non-Resident Holder in respect of common shares, are currently not subject to Brazilian withholding income tax, as far as such amounts are related to profits generated on or after January&nbsp;1, 1996.&nbsp; Dividends relating to profits generated prior to January&nbsp;1, 1996 may be subject to Brazilian withholding income tax at varying rates, depending on the year such profits have been generated.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Since 1996, Brazilian companies have been permitted to pay limited amounts of interest on shareholders' equity to holders of equity securities and to treat those payments as a deductible expense for purposes of its Brazilian income tax and social contribution on net profits tax basis.&nbsp; For tax purposes, this interest is limited to the daily pro rata variation of the Brazilian Federal Government's Long-Term Interest Rate (&#8220;TJLP&#8221;), as determined by the Central Bank from time to time, multiplied by the net equity value of the Brazilian company, and the amount of the deduction may not exceed the greater of (i) 50% of the net income (before taking into account the amounts attributable to shareholders as interest on shareholders' equity and the provision of corporate income tax but after the deduction of the provision of the social contribution on net profits) related to the period in respect of which the payment is made; or (ii) 50% of the sum of retained profits and profits reserves as of the date of the beginning of the fiscal year in respect of which the payment is made.&nbsp; Payments of interest on shareholders' equity are decided by the shareholders on the basis of the recommendations of our Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Payment of interest on shareholders' equity to a Non-Resident Holder is subject to withholding income tax at the rate of 15%, or 25% if the Non-Resident Holder is domiciled in a tax haven.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; For this purpose, a &#8220;tax haven&#8221; or &#8216;low-tax regime&#8221; is a country or location (1)&nbsp;that does not impose income tax, (2)&nbsp;where the income tax rate is lower than 20% or (3)&nbsp;where the local legislation imposes restrictions on disclosing the shareholding composition or ownership of the investment (&#8220;Tax Haven Jurisdiction&#8221;).&nbsp; These payments of interest on shareholders' equity may be included, at their net value, as part of any mandatory dividend.&nbsp; To the extent payment of interest on shareholders' equity is so included, the corporation is required to distribute to shareholders an additional amount to ensure that the net amount received by them, after payment of the applicable Brazilian withholding income tax, plus the amount of declared dividends is at least equal to the mandatory dividend.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">No assurance can be given that our board of directors will not recommend that future distributions of income should be made by means of interest on shareholders' equity instead of dividends.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Taxation of Gains</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">According to Law No. 10,833/03, the gains recognized on a disposition of assets located in Brazil, such as our common shares, by a Non-Resident Holder, are subject to withholding income tax in Brazil.&nbsp; This rule is applicable regardless of whether the disposition is conducted in Brazil or abroad and/or if the disposition is or is not made to an individual or entity resident or domiciled in Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As a general rule, capital gains realized as a result of a disposition transaction are the positive difference between the amount realized on the disposition of the common shares and the respective acquisition cost. &nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Capital gains realized by Non-Resident Holders on the disposition of common shares sold on the Brazilian stock exchange (which includes the transactions carried out on the organized over-the-counter market):</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">are exempt, when realized by a Non-Resident Holder that (i)&nbsp;is a 2,689 Holder and (ii)&nbsp;is not resident or domiciled in a Tax Haven Jurisdiction; </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">are subject to income tax at a rate of 15% in case of gains realized by (A)&nbsp;a Non-Resident Holder that (i)&nbsp;is not a 2,689 Holder and (ii)&nbsp;is not resident or domiciled in a Tax Haven Jurisdiction; or (B)&nbsp;a Non-Resident Holder that (i)&nbsp;is a 2,689 Holder and (ii)&nbsp;is resident or domiciled in a Tax Haven Jurisdiction; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">are subject to income tax at a rate of up to 25% in case of gains realized by a Non-Resident Holder that (i)&nbsp;is not a 2,689 Holder and (ii)&nbsp;is resident or domiciled in a Tax Haven Jurisdiction. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A withholding income tax of 0.005% will apply and can be offset against any income tax due on the capital gain.&nbsp; Such withholding does not apply to a 2,689 Holder that is not resident or domiciled in a Tax Haven Jurisdiction.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Any other gains realized on the disposition of common shares that are not carried out on the Brazilian stock exchange:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">are subject to income tax at a rate of 15% when realized by any Non-Resident Holder that is not resident or domiciled in a Tax Haven Jurisdiction, whether or not such holder is a 2,689 Holder; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">are subject to income tax at a rate of up to 25% when realized by a Non-Resident Holder that is resident or domiciled in a Tax Haven Jurisdiction, whether or not such holder is a 2,689 Holder.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In the cases described above, if the gains are related to transactions conducted on the Brazilian non-organized over-the-counter market with intermediation, the withholding income tax of 0.005% will also apply and can be offset against any income tax due on the capital gain.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Any exercise of preemptive rights relating to common shares will not be subject to Brazilian withholding income tax.&nbsp; Gains realized by a Non-Resident Holder on the disposition of preemptive rights will be subject to Brazilian income tax according to the same rules applicable to disposition of common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In the case of a redemption of common shares or a capital reduction, the positive difference between the amount received by the Non-Resident Holder and the acquisition cost of the common shares redeemed in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> is treated as capital gain derived from the sale or exchange of shares not carried out on a Brazilian stock exchange market and is therefore subject to income tax at the rate of 15%, or 25%, as the case may be.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sale of ADSs by U.S. Holders to Other Non-Residents in Brazil</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As discussed above, pursuant to Law No. 10,833, the sale of assets located in Brazil involving Non-Resident Holders is subject to Brazilian withholding income tax.&nbsp; We believe that the ADSs do not fall within the definition of assets located in Brazil for the purposes of Law No. 10,833, and, thus, should not be subject to the Brazilian withholding tax.&nbsp; However, due to the lack of any administrative or judicial guidance, there is no assurance that such position would prevail.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gains on the Exchange of ADSs for Common Shares</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The withdrawal of ADSs in exchange for common shares is not subject to Brazilian income tax, assuming compliance with applicable regulation regarding the registration of the investment with Central Bank.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Gains on the Exchange of Common Shares for ADSs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The deposit of common shares in exchange for the ADSs may be subject to Brazilian withholding income tax on capital gains if the amount previously registered with the Central Bank as a foreign investment in common shares or, in the case of other market investors under Resolution No. 2,689, the acquisition cost of the common shares, as the case may be, is lower than:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the average price per common share on the Brazilian stock exchange on which the greatest number of such common shares were sold on the day of deposit; or</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">if no common shares were sold on that day, the average price on the Brazilian stock exchange on which the greatest number of common shares were sold during the 15 preceding trading sessions.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The difference between the amount previously registered, or the acquisition cost, as the case may be, and the average price of the common shares, calculated as set forth above, is considered a capital gain subject to income tax at a rate of 15%, or 25% if the Non-Resident Holder is resident or domiciled in a Tax Haven Jurisdiction.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tax on Financial Transactions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Tax on Financial Transactions</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Imposto sobre Opera&#231;&#245;es de Cr&#233;dito, C&#226;mbio e Seguro ou relativas a T&#237;tulos ou Valores Mobili&#225;rios</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">), or &#8220;IOF&#8221;, is imposed on foreign exchange, securities, credit and insurance transactions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">IOF on Foreign Exchange Transactions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tax on foreign exchange transactions, or &#8220;IOF/Exchange&#8221;, may be levied on foreign exchange transactions (conversion of foreign currency in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> and conversion of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> into foreign currency), affecting either or both the inflow or outflow of investments.&nbsp; Currently, the general IOF/Exchange rate applicable to foreign currency exchange transactions is 0.38%.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Brazilian Government may increase the rate of the IOF/Exchange to a maximum rate of 25% of the amount of the foreign exchange transactions at any time, but such an increase will only apply in respect to future foreign exchange transactions.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Currently, for most foreign exchange transactions related to this type of investment, the IOF/Exchange rate is zero. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">IOF on Bonds and Securities Transactions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">IOF may also be levied on transactions involving bonds and securities, or &#8220;IOF/Securities&#8221;, including those carried out on a Brazilian stock, futures or commodities exchanges.&nbsp; The rate of the IOF/Securities applicable to most transactions involving common shares is currently zero percent.&nbsp; Since November 19, 2009, the IOF/Securities levies at a rate of 1.5% on transfer of shares traded on the Brazilian stock exchange with the specific purpose of enabling the issuance of depositary receipts to be traded outside Brazil.&nbsp; The Brazilian Government may increase the rate of the IOF/Exchange up to 1.5% per day at any time, but such an increase will only apply in respect of future transactions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other Brazilian Taxes</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There are no Brazilian inheritance, gift or succession taxes applicable to the ownership, transfer or disposition of common shares or ADSs by a non-Brazilian holder, except for gift and inheritance taxes which are levied by some states of Brazil on gifts made or inheritances bestowed by individuals or entities not resident or domiciled in Brazil to individuals or entities resident or domiciled within that state in Brazil.&nbsp; There are no Brazilian stamp, issue, registration or similar taxes or duties payable by holders of common shares or ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. Federal Income Tax Considerations</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The summary discussion below is applicable to you only if you are a &#8220;U.S. Holder&#8221; (as defined below) that is not domiciled in Brazil (or domiciled or resident in a tax haven jurisdiction) for purposes of Brazilian taxation and, in the case of a holder of common shares, that has registered its investment in common shares with the Central Bank as a U.S. dollar investment.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For purposes of this discussion, a U.S. Holder is any beneficial owner of common shares or ADSs that is (i)&nbsp;an individual who is a citizen or resident of the United States, (ii)&nbsp;a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia, (iii)&nbsp;an estate the income of which is subject to U.S. federal income tax without regard to its source, or (iv)&nbsp;a trust if a U.S. court is able to exercise primary supervision over administration of the trust and one or more U.S. persons have authority to control all substantial decisions of the trust or if the trust validly elects under applicable Treasury regulations to be taxed as a U.S. person.&nbsp; A &#8220;Non-U.S. Holder&#8221; is any beneficial owner of common shares or ADSs that is an individual, corporation, estate or trust who is neither a U.S. Holder nor a partnership for U.S. federal income tax purposes.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">If a partnership holds our common shares or ADSs, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership.&nbsp; A prospective investor who is a partner of a partnership holding our shares should consult its own tax advisor.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In general, and taking into account the earlier assumptions, for U.S. federal income tax purposes, holders of ADRs evidencing ADSs will be treated as the owners of the common shares represented by those ADSs, and exchanges of common shares for ADSs, and ADSs for common shares, will not be subject to U.S. federal income tax.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Taxation of Dividends </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. Holders</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Under the U.S. federal income tax laws, and subject to the passive foreign investment company (&#8220;PFIC&#8221;) rules discussed below, U.S. Holders will include in gross income, as dividend income, the gross amount of any distribution paid by us (including payments considered &#8220;interest&#8221; in respect of stockholders&#8217; equity under Brazilian law) (before reduction for Brazilian withholding taxes) out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) when the distribution is actually or constructively received by the U.S. Holder, in the case of common shares, or by our ADSs depositary, in the case of ADSs.&nbsp; Distributions in excess of current and accumulated earnings and profits, as determined under U.S. federal income tax principles, will be treated as a return of capital to the extent of the U.S. Holder&#8217;s adjusted tax basis in the common shares or ADSs and thereafter as capital gain, which will be either long-term or short-term capital gain depending on whether the U.S. holder held the common shares or ADSs for more than one year.&nbsp; We do not intend to maintain calculations of our earnings and profits under U.S. federal income tax principles and, unless and until such calculations are made, U.S. Holders should assume all distributions are made out of earnings and profits and constitute dividend income.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The dividend income will not be eligible for the dividends-received deduction generally allowed to U.S. corporations in respect of dividends received from other U.S. corporations.&nbsp; Subject to certain exceptions for short-term and hedged positions certain non-corporate U.S. Holders (including individuals) may qualify for a maximum 15% rate of tax in respect of &#8220;qualified dividend income&#8221; received before January&nbsp;1, 2013.&nbsp; Dividend income with respect to the ADSs will be qualified dividend income, provided that, in the year that a non-corporate U.S. Holder receives the dividend, the ADSs are readily tradable on an established securities market in the United States, and we were not in the year prior to the year in which the dividend was paid, and are not in the year in which the dividend is paid, a PFIC.&nbsp; Based on existing Internal Revenue Service (&#8220;IRS&#8221;)&nbsp;guidance, it is not entirely clear whether dividends received with respect to the common shares not held through ADSs will be treated as qualified dividend income, because the common shares are not themselves listed on a U.S. exchange.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The amount of the dividend distribution includible in gross income of a U.S. Holder will be the U.S. dollar value of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> payments made, determined at the spot </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">/U.S. dollar rate on the date such dividend distribution is includible in the gross income of the U.S. Holder, regardless of whether the payment is in fact converted into U.S. dollars.&nbsp; Generally, any gain or loss resulting from currency exchange fluctuations during the period from the date the dividend payment is includible in gross income to the date such payment is converted into U.S. dollars will be treated as ordinary income or loss from sources within the United States and will not be eligible for the special tax rate applicable to qualified dividend income.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Dividends received by most U.S. holders will constitute foreign source &#8220;passive income&#8221; for foreign tax credit purposes.&nbsp; Subject to limitations under U.S. federal income tax law concerning credits or deductions for foreign income taxes and certain exceptions for short-term and hedged positions, any Brazilian income tax withheld from dividends paid by us would be treated as a foreign income tax eligible for credit against a U.S. Holder&#8217;s U.S. federal income tax liability (or at a U.S. Holder&#8217;s election, may be deducted in computing taxable income if the U.S. Holder has elected to deduct all foreign income taxes paid or accrued for the relevant taxable year).&nbsp; The rules with respect to foreign tax credits are complex and U.S. Holders are urged to consult their own tax advisors regarding the availability of the foreign tax credit under their particular circumstances.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The U.S. Treasury Department has expressed concern that intermediaries in connection with depositary arrangements may be taking actions that are inconsistent with the claiming of foreign tax credits by U.S. persons who are holders of depositary shares.&nbsp; Accordingly, investors should be aware that the discussion above regarding </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the availability of foreign tax credits for Brazilian income tax withheld from dividends paid with respect to common shares represented by ADSs could be affected by future action taken by the U.S. Treasury Department.</FONT></P></DIV>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Distributions of additional common shares to U.S. Holders with respect to their common shares or ADSs that are made as part of a pro rata distribution to all our stockholders generally will not be subject to U.S. federal income tax.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Non-U.S. Holders</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Dividends paid to a Non-U.S. Holder in respect of common shares or ADSs will not be subject to U.S. federal income tax unless those dividends are effectively connected with the conduct of a trade or business within the United States by the Non-U.S. Holder (and are attributable to a permanent establishment maintained in the United States by the Non-U.S. Holder, if an applicable income tax treaty so requires as a condition for the Non-U.S. Holder to be subject to U.S. taxation on a net income basis in respect of income from common shares or ADSs), in which case the Non-U.S. Holder generally will be subject to U.S. federal income tax in respect of the dividends in the same manner as a U.S. Holder.&nbsp; Any such effectively connected dividends received by a corporate Non-U.S. Holder may also, under certain circumstances, be subject to an additional &#8220;branch profits tax&#8221; (at a 30% rate or at a reduced rate as may be specified by an applicable income tax treaty).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Taxation of Capital Gains</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. Holders</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Subject to the PFIC rules discussed below, upon a sale, redemption or other taxable disposition of common shares or ADSs, a U.S. Holder will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the U.S. dollar value of the amount realized (before deduction of any Brazilian tax) and the U.S. Holder&#8217;s adjusted tax basis (determined in U.S. dollars) in the common shares or ADSs.&nbsp; Generally, the U.S. Holder&#8217;s gain or loss will be capital gain or loss.&nbsp; Capital gain of a non-corporate U.S. Holder that is recognized before January&nbsp;1, 2011 is generally taxed at a maximum rate of 15% where the property is held for more than one year.&nbsp; The deductibility of capital losses is subject to limitations under the Code.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">If a Brazilian income tax is withheld on the sale, exchange or other taxable disposition of common shares or ADSs, the amount realized by a U.S. Holder will include the gross amount of the proceeds of that sale, exchange or other taxable disposition before deduction of the Brazilian tax.&nbsp; Capital gain or loss, if any realized by a U.S. Holder on the sale, exchange or other taxable disposition of common shares or ADSs generally will be treated as U.S. source gain or loss for U.S. foreign tax credit purposes.&nbsp; Consequently, in the case of a gain from the disposition of a share or ADS that is subject to Brazilian income tax (see &#8220;Taxation &#8211; Brazilian Tax Considerations &#8211; Taxation of Gains&#8221;), the U.S. Holder may not be able to benefit from the foreign tax credit for that Brazilian income tax (i.e., because the gain from the disposition would be U.S. source income), unless the U.S. Holder can apply the credit against U.S. federal income tax payable on other income from foreign sources.&nbsp; Alternatively, the U.S. Holder may take a deduction for the Brazilian income tax if it does not elect to claim a foreign income tax credit for any foreign taxes paid or accrued during the taxable year.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Non-U.S. Holders</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; A Non-U.S. Holder will not be subject to U.S. federal income tax in respect of gain recognized on a sale, exchange or other taxable disposition of common shares or ADSs unless:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">the gain is effectively connected with a trade or business of the Non-U.S. Holder in the United States (and is attributable to a permanent establishment maintained in the United States by that Non-U.S. Holder, if an applicable income tax treaty so requires as a condition for that Non-U.S. Holder to be subject to U.S. taxation on a net income basis in respect of gain from the sale or other disposition of the common shares or ADSs); or</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">in the case of a Non-U.S. Holder who is an individual, that Non-U.S. Holder is present in the United States for 183 or more days in the taxable year of the sale and certain other conditions apply.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Effectively connected gains realized by a corporate Non-U.S. Holder may also, under certain circumstances, be subject to an additional branch profits tax (at a 30% rate or at a reduced rate as may be specified by an applicable income tax treaty).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Passive Foreign Investment Companies</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Based on current estimates of our gross income, gross assets and the nature of our business, we believe that our common shares and ADSs should not be treated as stock of a PFIC for U.S. federal income tax purposes.&nbsp; There can be no assurances in this regard, however, because the application of the relevant rules is complex and involves some uncertainty.&nbsp; The PFIC determination is made annually and is based on the portion of our assets and income that is characterized as passive under the PFIC rules.&nbsp; Moreover, our business plans may change, which may affect the PFIC determination in future years.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In general, we will be a PFIC with respect to a U.S. Holder if, for any taxable year in which the U.S. Holder held our ADSs or common shares, either (i)&nbsp;at least 75% of our gross income for the taxable year is passive income or (ii)&nbsp;at least 50% of the value (determined on the basis of a quarterly average) of our assets is attributable to assets that produce or are held for the production of passive income.&nbsp; For this purpose, passive income generally includes, among other things, dividends, interest, royalties, rents (other than certain rents and royalties derived in the active conduct of a trade or business), annuities and gains from assets that produce passive income.&nbsp; If a foreign corporation owns at least 25% by value of the stock of another corporation, the foreign corporation is treated for purposes of the PFIC tests as owning its proportionate share of the assets of the other corporation, and as receiving directly its proportionate share of the other corporation&#8217;s income.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">If we are treated as a PFIC, a U.S. Holder that did not make a &#8220;mark-to-market election&#8221; or &#8220;QEF election,&#8221; each as described below, would be subject to special rules with respect to (a)&nbsp;any gain realized on the sale or other disposition of common shares or ADSs and (b)&nbsp;any &#8220;excess distribution&#8221; by CSN to the U.S. Holder (generally, any distributions to the U.S. Holder in respect of the common shares or ADSs during a single taxable year that are greater than 125% of the average annual distributions received by the U.S. Holder with respect to the common shares or ADSs during the three preceding taxable years or, if shorter, the U.S. Holder&#8217;s holding period for the common shares or ADSs).&nbsp; Under these rules, (i)&nbsp;the gain or excess distribution would be allocated ratably over the U.S. Holder&#8217;s holding period for the common shares or ADSs, (ii)&nbsp;the amount allocated to the taxable year in which the gain or excess distribution was realized would be taxable as ordinary income, (iii)&nbsp;the amount allocated to each prior year, with certain exceptions, would be subject to tax at the highest tax rate in effect for that year and (iv)&nbsp;the interest charge generally applicable to underpayments of tax would be imposed in respect of the tax attributable to each such prior year.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">If we are treated as a PFIC and, at any time, we invest in non-U.S. corporations that are classified as PFICs (each, a &#8220;Subsidiary PFIC&#8221;), U.S. Holders generally will be deemed to own, and also would be subject to the PFIC rules with respect to, their indirect ownership interest in that Subsidiary PFIC.&nbsp; If we are treated as a PFIC, a U.S. Holder could incur liability for the deferred tax and interest charge described above if either (1)&nbsp;we receive a distribution from, or dispose of all or part of our interest in, the Subsidiary PFIC or (2)&nbsp;the U.S. Holder disposes of all or part of its common shares or ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The special PFIC tax rules described above will not apply to a U.S. Holder if the U.S. Holder makes an election (i)&nbsp;to &#8220;mark-to-market&#8221; with respect to the common shares or ADSs (a &#8220;mark-to-market election&#8221;) or (ii)&nbsp;to have us treated as a &#8220;qualified electing fund&#8221; (a &#8220;QEF election&#8221;).&nbsp; The QEF election is not available to holders unless we agree to comply with certain reporting requirements and provide the required annual information statements.&nbsp; The QEF and mark-to-market elections only apply to taxable years in which the U.S. Holder&#8217;s common shares or ADSs are treated as stock of a PFIC.&nbsp; Our ADR Depositary has agreed to distribute the necessary information to registered holders of ADSs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A U.S. Holder may make a mark-to-market election, if the common shares or ADSs are regularly traded on a &#8220;qualified exchange.&#8221;&nbsp; Under applicable U.S. Treasury regulations, a &#8220;qualified exchange&#8221; includes a national securities exchange, such as the New York Stock Exchange, that is registered with the SEC or the national market system established under the Exchange Act.&nbsp; Also, under applicable Treasury Regulations, PFIC securities traded on a qualified exchange are regularly traded on such exchange for any calendar year during which such stock is traded, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">other than in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">de minimis</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">quantities, on at least 15&nbsp;days during each calendar quarter.&nbsp; We cannot assure you that the common shares or ADSs will be eligible for a mark-to-market election.</FONT></P></DIV>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A U.S. Holder that makes a mark-to-market election must include for each taxable year in which the U.S. Holder&#8217;s common shares or ADSs are treated as shares of a PFIC, as ordinary income, an amount equal to the excess of the fair market value of the common shares or ADSs at the close of the taxable year over the U.S. Holder&#8217;s adjusted tax basis in the common shares or ADSs, and is allowed an ordinary loss for the excess, if any, of the adjusted tax basis over the fair market value of the common shares or ADSs at the close of the taxable year, but only to the extent of the amount of previously included mark-to-market inclusions (not offset by prior mark-to-market losses).&nbsp; These amounts of ordinary income will not be eligible for the favorable tax rates applicable to qualified dividend income or long-term capital gains.&nbsp; A U.S. Holder&#8217;s tax basis in the common shares or ADSs will be adjusted to reflect any such income or loss amounts.&nbsp; Although a U.S. Holder may be eligible to make a mark-to-market election with respect to its common shares or ADSs, no such election may be made with respect to the stock of any Subsidiary PFIC that such U.S. Holder is treated as owning, because such Subsidiary PFIC stock is not marketable.&nbsp; Thus, the mark-to-market election will not be effective to avoid all of the adverse tax consequences described above with respect to any Subsidiary PFICs.&nbsp; U.S. Holders should consult their own tax advisors regarding the availability and advisability of making a mark-to-market election with respect to their common shares of ADSs based on their particular circumstances.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A U.S. Holder that makes a QEF election will be currently taxable on its pro rata share of our ordinary earnings and net capital gain (at ordinary income and capital gain rates, respectively) for each of our taxable years, regardless of whether we distributed the income and gain.&nbsp; The U.S. Holder&#8217;s basis in the common shares or ADSs will be increased to reflect taxed but undistributed income.&nbsp; Distributions of income that had previously been taxed will result in a corresponding reduction of tax basis in the common shares or ADSs and will not be taxed again as a distribution to the U.S. Holder.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In addition, notwithstanding any election that a U.S. Holder makes with regard to the common shares or ADSs, dividends that a non-corporate U.S. Holder receives from us will not constitute qualified dividend income if we are a PFIC either in the taxable year of the distribution or the preceding taxable year.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Special rules apply with respect to the calculation of the amount of the foreign tax credit with respect to excess distributions by a PFIC or, in certain cases, QEF inclusions.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">A U.S. Holder who owns common shares or ADSs during any year that we are a PFIC must file IRS Form 8621.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Backup Withholding and Information Reporting</FONT></I></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. Holders</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Dividends paid on, and proceeds from the sale, redemption or other taxable disposition of common shares or ADSs to a U.S. Holder generally will be subject to information reporting and backup withholding, unless, in the case of backup withholding, the U.S. Holder provides an accurate taxpayer identification number or in either case otherwise establishes an exemption.&nbsp; The amount of any backup withholding collected from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder&#8217;s U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that certain required information is timely furnished to the IRS.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Recently enacted legislation requires certain U.S. Holders to report information with respect to their investment in certain &#8220;foreign financial assets,&#8221; which would include an investment in our common shares, not held through a custodial account with a U.S. financial institution to the IRS.&nbsp; Investors who fail to report required information could become subject to substantial penalties.&nbsp; Prospective investors are encouraged to consult with their own tax advisors regarding the possible implications of this new legislation on their investment in our common shares.</FONT></P></DIV></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Non-U.S. Holders</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">If common shares are held by a Non-U.S. Holder through the non-U.S. office of a non-U.S. related broker or financial institution, backup withholding and information reporting generally would not be required.&nbsp; Information r</FONT>eporting, and possibly backup withholding, may apply if the common shares are held by a Non-U.S. Holder through a U.S., or U.S.-related, broker or financial institution, or the U.S. office of a non-U.S. broker or financial institution and the Non-U.S. Holder fails to provide appropriate information.&nbsp; Information reporting and backup withholding generally will apply with respect to ADSs if the Non-U.S. Holder fails to timely provide appropriate information.&nbsp; Non-U.S. Holders should consult their tax advisors regarding the application of these rules.</FONT></P>

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<A name=_Toc293647505></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10F. Dividends and Paying Agents</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

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<A name=_Toc293647506></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10G. Statement by Experts</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

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<A name=_Toc293647507></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10H. Documents on Display</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are subject to the information requirements of the Exchange Act and accordingly file reports and other information with the SEC.&nbsp; Reports and other information filed by us with the SEC may be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549.&nbsp; You can obtain further information about the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.&nbsp; Our SEC filings are also available to the public from the SEC&#8217;s website at http://www.sec.gov.&nbsp; You may also inspect our reports and other information at the offices of the NYSE, 11 Wall Street , New York, New York 10005, on which our ADSs are listed.&nbsp; For further information on obtaining copies of our public filings at the NYSE, you should call (212) 656-5060.&nbsp; We also file financial statements and other periodic reports with the CVM.</FONT></P>

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<A name=_Toc293647508></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10I. Subsidiary Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Not required.</FONT></P></DIV>

<DIV>

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<A name=_Toc293647509></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 11.&nbsp; Quantitative and Qualitative Disclosures About Market Risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are exposed to a number of different market risks arising from our normal business activities.&nbsp; Market risk is the possibility that changes in interest rates, currency exchange rates, commodities prices will adversely affect the value of financial assets, liabilities, expected future cash flows or earnings.&nbsp; We developed policies aimed at managing the volatility inherent to certain of these natural business </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">exposures</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp; We use financial instruments, such as derivatives, in order to achieve the main goals established by our Board of Directors to minimize the cost of capital and maximize the returns on financial assets, while observing, as determined by our Board of Directors, parameters of credit and risk.&nbsp; Derivatives are contracts whose value is derived from one or more underlying financial instruments, indices or prices defined in the contract.&nbsp; Only well-understood, conventional derivative instruments are used for these purposes.&nbsp; These include futures and options traded on regulated exchanges and &#8220;over-the-counter&#8221; swaps, options and forward contracts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Market Risk Exposures and Market Risk Management</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our treasury department is responsible for managing our market risk exposures.&nbsp; We use some internal controls in order to:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">help us understand market risks;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">reduce the likelihood of financial losses; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">diminish the volatility of financial results.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The principal tools used by our treasury department are:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;Sensitivity Analysis,&#8221; which measures the impact that movements in the price of different market variables such as interest rates and exchange rates will have in our earnings and cash flows; and</FONT></P></DIV>

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<P style="TEXT-ALIGN: center">118</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&#8220;Stress Testing,&#8221; which measures the worst possible loss from a set of consistent scenarios to which probabilities are not assigned.&nbsp; The scenarios are deliberately chosen to include extreme changes in interest and currency exchange rates.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Following is a discussion of the primary market risk exposures that we face together with an analysis of the exposure to each one of them.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Interest Rate Risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are exposed to interest rate risk on short- and long-term instruments and as a result of refinancing of fixed-rate instruments included in our consolidated debt.&nbsp; Consequently, as well as managing the currency and maturity of debt, we manage interest costs through a balance between lower-cost floating rate debt, which has inherently higher risk, and more expensive, but lower risk, fixed-rate debt.&nbsp; We can use swaps, options and other derivatives to achieve the desired ratio between floating-rate debt and fixed-rate debt.&nbsp; The desired ratio varies according to market conditions:&nbsp; if interest rates are relatively low, we will shift towards fixed rate debt.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are basically exposed to the following floating interest rates:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. dollar LIBOR, due to our floating rate U.S. dollar-denominated debt (usually trade-finance related), to our cash position held offshore in U.S. dollars, which is invested in short-term instruments, </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">TJLP (Long Term Interest Rate), due to </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">-denominated debt indexed to this interest rate, and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">CDI (benchmark Brazilian real overnight rate), due to our cash held in Brazil (onshore cash) and to our CDI indexed debt.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Exposure as of December&nbsp;2011*&nbsp;(amortization)</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Notional</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2012</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2014</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2015</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2016</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Thereafter</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">US dollar LIBOR</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,444</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">547</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">178</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">308</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">400</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">547</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">464</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">US dollar fixed rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">7,362</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">298</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,071</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">756</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">52</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">5,171</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">CDI</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">14,008</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,045</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">546</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,446</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,041</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,707</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">8,223</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">TJLP</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,231</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">382</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">335</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">101</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">95</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,228</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Other</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">495</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">26</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">43</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">65</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">60</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">43</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">258</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Exposure as of December&nbsp;2010*&nbsp;(amortization)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Notional&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Thereafter&nbsp;</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">US dollar LIBOR</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,694</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">522</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">611</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">158</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">274</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">342</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">787</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">US dollar fixed rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">6,374</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">72</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">951</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">671</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">4,635</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">CDI</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">7,102</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,045</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">546</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,446</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">3,052</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">TJLP</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">2,939</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">306</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">338</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">338</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">115</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">95</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">1,747</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">Other</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">809</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">191</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">118</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">101</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">112</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">83</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">204</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">*All figures in R$ million. </FONT></P></DIV>

<a name="_bclFooter123"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center">119</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader124"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our cash and cash equivalent were as follows: </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December 31,&nbsp;2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December 31,&nbsp;2010</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Exposure</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Cash in </FONT><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">reais</FONT></I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">: &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,690&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,635</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">CDI&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Cash in U.S. dollars: &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6,784&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4,556</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">LIBOR&nbsp;</FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The table below shows the average interest rate and the average life of our debt.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="25%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;2010</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Average rate %</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Average life</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Average rate %</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Average life</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">U.S. dollar LIBOR&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3.14&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3.20&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2.23&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3.15&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">U.S. dollar fixed rate&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6.37&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">14.37 (with perpetual bond)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">7.41&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">14.91 (with perpetual bond)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Euro fixed rate&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">N/A&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">N/A&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">N/A&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">N/A&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">UMBNDES&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">N/A&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">N/A&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">N/A&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">N/A&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">CDI&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">111.21 of CDI&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5.19&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">110.58 of CDI&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4.61&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">TJLP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1.70&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5.58&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2.21&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5.58&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We entered into cross-currency swap agreements to hedge liabilities indexed to the U.S. dollar from Brazilian </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> fluctuations, which are affected by market, economic, political, regulatory and geopolitical conditions, among others. The gains and losses from these contracts are directly related to exchange (dollar) and CDI fluctuations. For the duration of our U.S. dollar fixed-rate derivatives, see tables below. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Notional</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Average interest rate</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Average maturity</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">As of December&nbsp;31, 2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(in U.S. dollar million,</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(U.S. dollar)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(days)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">unless otherwise indicated)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Swaps (U.S. dollar fixed - rate versus CDI)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">293</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3.45%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">782</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Swaps (U.S. dollar fixed - rate versus CDI)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3.23%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">691</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Swaps (U.S. dollar fixed - rate versus CDI)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;(100)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2.39%&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;32</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="38%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Notional</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Average interest rate</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Average maturity</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">As of December 31, 2010</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(in U.S. dollar million,</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(U.S. dollar)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(days)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">unless otherwise indicated)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Swaps (U.S. dollar fixed - rate versus CDI )</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,178</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2.29%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">54</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Foreign Currency Exchange Rate Risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fluctuations in exchange rates can have significant effects on our operating results.&nbsp; Therefore, exchange rate fluctuations affect the values of our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">-denominated assets, the carrying and repayment costs of our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">-denominated financial liabilities, our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">-denominated production costs, the cost of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">-denominated capital items and the prices we receive in the Brazilian market for our finished steel products.&nbsp; We attempt to manage our net foreign exchange rate exposures, trying to balance our non-</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> denominated assets with our non-</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> denominated liabilities.&nbsp; We use derivative instruments to match our non-</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> denominated assets to our non-</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> denominated liabilities, but at any given time we may still have significant foreign currency exchange rate risk exposure.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our exposure to the U.S. dollar is due to the following contract categories:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. dollar-denominated debt;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">offshore cash;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">currency derivatives (in the case of options, we use the delta as a measure of exposure);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. dollar indexed accounts payable and receivable (usually related to international trade, i.e., imports and exports); and</FONT></P>

<a name="_bclFooter124"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center">120</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<a name="_bclHeader125"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">offshore investments:&nbsp; assets that we bought offshore and that are denominated in U.S. dollars on our balance sheet.</FONT></P>

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;31, 2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;31, 2010</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">U.S. dollar Liabilities</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,367</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,803</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;loans and financing&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,735</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;trade accounts payable&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">8</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;other&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">56</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">60</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=5>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">U.S. dollar Assets</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">6,525&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,903&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;offshore cash and cash equivalents&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">5,613&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">4,240&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;derivatives (swaps and NDFs)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">485&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,402</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;trade accounts receivable&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">33</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;offshore investments (net of cash)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">288</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">97</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">139</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">131</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Total U.S. dollar Exposure</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1,158</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">100</FONT></B></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our exposure to the Euro is due to the following contract categories:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Euro-denominated debt;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">offshore cash;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">U.S. dollar indexed accounts payable and receivable (usually related to international trade, i.e., imports and exports); and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">offshore investments:&nbsp; assets that we bought offshore and that are denominated in Euros on our balance sheet</FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;31, 2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;31, 2010</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Euro Liabilities</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;trade accounts payable&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=5>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Euro Assets</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">98&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">-&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;derivatives (swaps and NDFs)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(90)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">offshore investments (net of cash)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Total Euro Exposure</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(82)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">-</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our exposure to the Australian Dollar is due to the following contract categories:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">offshore cash;</FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;31, 2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;31, 2010</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">AUD Liabilities</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=5>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">AUD Assets</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">303&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">-&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;offshore cash and cash equivalents&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">303&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">-&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Total AUD Exposure</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">303</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">-</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="66%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Offshore investments</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have capitalized our offshore subsidiaries domiciled in U.S. dollar-based countries with equity investments, and those investments are accounted as U.S. dollar investments.&nbsp; The result is that they work as assets indexed to the U.S. dollar from an earnings perspective.</FONT></P>

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<P style="TEXT-ALIGN: center">121</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<a name="_bclHeader126"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Commodity Price Risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fluctuations in the price of steel and some of the commodities used in producing steel, such as zinc, aluminum, tin, coal, coke and energy, can have an impact on our earnings.&nbsp; Currently, we are not hedging our exposure to commodity prices.&nbsp; Our biggest commodity price exposure is the price of steel and coal, but there are no liquid instruments that provide an effective hedge against their price fluctuations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sensitivity analysis</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The economic environment in which we operate determines the main factors taken into consideration to establish risk scenarios.&nbsp; In the Brazilian economic environment, exchange rate variation is the most notable market risk.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> exchange rate is significantly volatile. Between 2001 and 2011 the exchange rate had an average annual volatility of 19.7%.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sensitivity analysis of the US dollar-to-real exchange swap</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the consolidated foreign exchange operations with US Dollar Fluctuation risk, the sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values &#8203;&#8203;as of 31 December, 2011 recorded as assets in the amount of R$37 million and liabilities in the amount of R$847 thousand. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">To develop our sensitivity analysis we analyze four different scenarios of exchange rate variation.&nbsp; Based on the foreign exchange rate of December&nbsp;31, 2011 of R$1.8758 per US$1.00, adjustments were estimated for four scenarios: scenario 1: (25% of Real appreciation) rate of R$1.4069 per US$1.00; scenario 2:&nbsp; (50% of Real appreciation) rate of R$0.9379 per US$1.00; scenario 3: (25% of Real devaluation) rate of R$ 2.3448; scenario 4: (50% of Real devaluation) rate of R$ 2.8137.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">December 31, 2011</FONT></B>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Reference</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Exchange</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Additional</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=center><I><FONT size=1 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">(In millions of US$,</FONT></I>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Value</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Rates</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Results</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=center><I><FONT size=1 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">except for exchange rates)</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8px" width="16%" align=left><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Risk</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Scenario</FONT></B>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Net current swap</FONT>&nbsp;</TD>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">US Dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">267</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.8758</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.4069</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(126)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.9379</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(251)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.3448</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">126</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.8137</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">251</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange position functional</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">currency BRL</FONT>&nbsp;</TD>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">US Dollar fluctuation</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">890</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.8758</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.4069</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(417)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.9379</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(835)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.3448</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">417</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.8137</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">835</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Consolidated exchange position</FONT>&nbsp;</TD>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">US Dollar fluctuation</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,158</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.8758</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.4069</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(543)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.9379</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1.086)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.3448</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">543</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.8137</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.086</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sensitivity analysis of the euro-to-dollar exchange swap</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the consolidated foreign exchange operations with Euro fluctuation risk, the sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="cambria math">&#8203;&#8203;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">as of&nbsp;December 31, 2011 recorded as assets in the amount of R$13 million. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For consolidated exchange transactions with Euro fluctuation risk, based on the foreign exchange rate on December 31, 2011, of R$ 2.4342 per &#8364;$ 1.00, adjustments were estimated for four scenarios: scenario 1: (25% of Real appreciation) rate of R$1.8257 per &#8364;$ 1.00; scenario 2: (50% of Real appreciation) rate of R$1.2171 per &#8364;$ </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.00; scenario 3: (25% of Real devaluation) rate of R$ 3.0428; scenario 4: (50% of Real devaluation) rate of R$ 3.6513.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center">122</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 10pt">

</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">December 31, 2011</FONT></B>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Reference</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Exchange</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Additional</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=center><I><FONT size=1 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">(In millions of EUR,</FONT></I>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Value</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Rates</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Results</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=center><I><FONT size=1 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">except for exchange rates)</FONT></I>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Risk</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Scenario</FONT></B>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Net current swap</FONT>&nbsp;</TD>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">EURO fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(90)</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.4342</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.8257</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">55</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.2171</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">110</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.0428</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(55)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.6513</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(110)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange position functional</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">currency BRL</FONT>&nbsp;</TD>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">EURO fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.4342</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.8257</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(4)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.2171</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(8)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.0428</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.6513</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">8</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Consolidated exchange position</FONT>&nbsp;</TD>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">EURO fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(84)</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.4342</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.8257</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">51</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.2171</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">102</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.0428</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(51)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3.6513</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(102)</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 10pt"></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sensitivity analysis of exchange exposure to Australian dollar</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the consolidated foreign exchange operations with Australian dollar fluctuation risk, the sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="cambria math">&#8203;&#8203;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">as of 31 December, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For consolidated exchange transactions with Australian dollar fluctuation risk, based on the foreign exchange rate on December 31, 2011, of R$ 1.9116 per &#8364;$ 1.00, adjustments were estimated for four scenarios: scenario 1: (25% of Real appreciation) rate of R$1.4337 per &#8364;$ 1.00; scenario 2: (50% of Real appreciation) rate of R$0.9558 per &#8364;$ 1.00; scenario 3: (25% of Real devaluation) rate of R$ 2.3895; scenario 4: (50% of Real devaluation) rate of R$ 2.8674.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">December 31, 2011</FONT></B>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Reference</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Exchange</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Additional</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=center><I><FONT size=1 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">(In millions of A$,</FONT></I>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Value</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Rates</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Results</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=center><I><FONT size=1 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">except for exchange rates)</FONT></I>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Risk</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Scenario</FONT></B>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange position functional</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">currency BRL</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Australian dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">303</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.9116</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.4337</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(145)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.9558</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(289)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.3895</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">145</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.8674</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">289</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sensitivity analysis of exchange dollar-to-euro swap</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values &#8203;&#8203;as of&nbsp;December 31, 2011 recognized in assets, amounting to R$6 million.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">To develop our sensitivity analysis we analyze four different scenarios for the real-euro parity volatility.&nbsp; Based on the foreign exchange rate of December&nbsp;31, 2011 of R$1.3141 per US$1.00, adjustments were estimated for four scenarios: scenario 1: (25% of Real appreciation) rate of R$0.9856 per US$1.00; scenario 2:&nbsp; (50% of Real appreciation) rate of R$0.6571 per US$1.00; scenario 3: (25% of Real devaluation) rate of R$ 1.6426; scenario 4: (50% of Real devaluation) rate of R$ 1.9712.</FONT></P>

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<P style="TEXT-ALIGN: center">123</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

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<a name="_bclHeader128"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">December 31, 2011</FONT></B>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Refe rence</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Exchange</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Additional</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=center><I><FONT size=1 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">(In millions of US$,</FONT></I>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Value</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Rate s</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Results</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=center><I><FONT size=1 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">except for exchange rates)</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8px" width="16%" align=left><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Risk</FONT></B>&nbsp;</TD>

   <TD width="16%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Scenario</FONT></B>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Net current swap</FONT>&nbsp;</TD>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">US Dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">35</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.3141</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.9856</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(12)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.6571</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(23)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.6426</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.9712</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">23</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange position functional</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">currency EURO</FONT>&nbsp;</TD>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">US Dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(35)</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.3141</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.9856</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.6571</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">23</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.6426</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(12)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.9712</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(23)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Consolidated exchange position</FONT>&nbsp;</TD>

   <TD width="16%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">US Dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.3141</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.9856</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.6571</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.6426</FONT>&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1.9712</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="16%" align=center><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sensitivity analysis of interest rate swaps</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">In millions of R$, except for notional amount</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="40%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="20%" colSpan=2 align=left><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Nocional</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="40%" colSpan=4 align=right><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">31.12.2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Million US$</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Risk</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">25%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">50%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">25%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">50%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ccecff width="40%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Swap of interest rate libor vs CDI</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="10%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">108</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#ccecff width="10%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Libor) US$</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="10%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(26)</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="10%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(31)</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="10%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">26</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="10%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">30</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sensitivity analysis of changes in interest rate</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company considers the effects of a 5% increase or decrease in interest rates on its outstanding borrowings, financing and debentures as of December 31, 2011 in the consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">In millions of R$</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" align=right><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Impact on profit or loss</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center>&nbsp;<STRONG><FONT size=1>% p.a</FONT></STRONG>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2011</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ccecff width="55%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Changes in interest rates</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccecff width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">TJLP</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6.00</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,372</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6,465</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ccecff width="55%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Libor</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="15%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.81</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="15%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">7,941</FONT>&nbsp;</TD>

   <TD bgColor=#ccecff width="15%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">7,102</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">CDI</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">10.87</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">72,607</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">42,103</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Share market price risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The Company is exposed to the risk of changes in equity prices due to the investments made and classified as available-for-sale.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company considers as probable scenario the amounts recognized at market prices as of December 31, 2011. Sensitivity analysis is based on the assumption of maintaining as probable scenario the market values as of December 31, 2011. Therefore, there is no impact on the financial instruments classified as available for sale already presented above. The Company considered the following scenarios for volatility of the shares.</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">- Scenario 1: (25% appreciation of shares);</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">- Scenario 2: (50% appreciation of shares);</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">- Scenario 3: (25% devaluation of shares);</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">- Scenario 4: (50% devaluation of shares); </FONT></P>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader129"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

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<TR>

   <TD width="40%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="24%" colSpan=2 align=right><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Impacty on profit and equity</FONT></B>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccecff width="40%" align=left><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Companies</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 2px solid" bgColor=#ccecff width="12%" align=left>&nbsp;<STRONG><FONT size=1>Probable</FONT></STRONG>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 2px solid" bgColor=#ccecff width="12%" align=left>&nbsp;<STRONG><FONT size=1>25%</FONT></STRONG>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 2px solid" bgColor=#ccecff width="12%" align=right><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">50%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 2px solid" bgColor=#ccecff width="12%" align=right><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">25%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 2px solid" bgColor=#ccecff width="12%" align=center><B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">50%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Usiminas</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(768)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">509</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,019</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(509)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1,019)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccecff width="40%" align=left><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Panatl&#226;ntica</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccecff width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccecff width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccecff width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccecff width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ccecff width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(767)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">512</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,024</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(512)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1,024)</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647510"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 12.&nbsp; Description of Securities Other Than Equity Securities</FONT></B></P>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">American Depositary Shares</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">JP Morgan Chase Bank, N.A. serves as the depositary for our ADSs.&nbsp; ADR holders are required to pay various fees to the depositary, and the depositary may refuse to provide any service for which a fee is assessed until the applicable fee has been paid.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ADR holders are required to pay the depositary amounts in respect of expenses incurred by the depositary or its agents on behalf of ADR holders, including expenses arising from compliance with applicable law, taxes or other governmental charges, facsimile transmission or conversion of foreign currency into U.S. dollars.&nbsp; In this case, the depositary may decide at its sole discretion to seek payment by either billing holders or by deducting the fee from one or more cash dividends or other cash distributions.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">ADR holders are also required to pay additional fees for certain services provided by the depositary, as set forth in the table below.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm">

<H3 style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Depositary service</FONT></B></H3></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm">

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Fee payable by ADR holders</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Issuance and delivery of ADRs, including in connection with share distributions, stock splits </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">US$5.00 for each 100 ADSs (or portion thereof)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Distribution of dividends </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">US$5.00 for each 100 ADSs</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Deposit of securities, including in respect of share, rights and other distributions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">US$5.00 for each 100 ADSs (or portion thereof)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Withdrawal of deposited securities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">US$5.00 for each 100 ADSs (or portion thereof)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Direct and indirect payments by the depositary</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The depositary reimburses us for certain expenses we incur in connection with the ADR program, subject to a ceiling agreed between us and the depositary from time to time.&nbsp; These reimbursable expenses currently include legal and accounting fees, listing fees, investor relations expenses and fees payable to service providers for the distribution of material to ADR holders.&nbsp; For the year ended December&nbsp;31, 2011, such reimbursements totaled US$1.1 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647511"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 13.&nbsp; Defaults, Dividend Arrearages and Delinquencies</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">None.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647512"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 14.&nbsp; Material Modification to the Rights of Security Holders and Use of Proceeds</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">None.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">PART II</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><A name="_Toc293647513"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 15.&nbsp; Controls and Procedures</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Disclosure Controls and Procedures</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have carried out an evaluation under the supervision of our management, including our Chief Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934.&nbsp; Based on that evaluation, our Chief Executive Officer and our Principal Financial Officer concluded that the design and operation of our disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that we file and submit under the Exchange Act is (i)&nbsp;recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii)&nbsp;collected and communicated to management, including the Chief Executive Officer and the Principal Financial Officer, to allow timely decisions regarding required disclosure as of the end of our most recent fiscal year.</FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">MANAGEMENT&#8217;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our management is responsible for establishing and maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our internal control over financial reporting is a process designed by, or under the supervision of, our Audit Committee, principal executive and principal financial officers, and effected by our board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.&nbsp; Our internal control over financial reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Because of its inherent limitations, internal control over financial reporting may not prevent or detect material misstatements on a timely basis.&nbsp; Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Management assessed the effectiveness of our internal control over financial reporting as of December&nbsp;31, 2011 based on the criteria established in &#8220;Internal Control &#8211; Integrated Framework&#8221; issued by the Committee of Sponsoring Organizations &#8211; COSO &#8211; of the Treadway Commission.&nbsp; Based on the assessment, management has concluded that, as of December&nbsp;31, 2011, our internal control over financial reporting is effective.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Attestation Report of the Independent Registered Public Accounting Firm</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">For the report of KPMG Auditores Independentes, our independent registered public accounting firm, dated April 27</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">, 2012, on the effectiveness of our internal control over financial reporting as of December&nbsp;31, 2011, see &#8220;Item 18.&nbsp; Financial Statements&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Changes in internal control over financial reporting</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There have been no changes in our internal control over financial reporting that occurred during the period covered by this annual report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 16.&nbsp; [Reserved]</FONT></B></P></DIV>

<DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16A. Audit Committee Financial Expert</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">After reviewing the qualifications of the members of our Audit Committee, our </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Board of Directors has determined that all three members</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> of our Audit Committee qualify as an &#8220;audit committee financial expert,&#8221; as defined by the SEC.&nbsp; In addition, all of the members of our Audit Committee meet the applicable independence requirements both under Brazilian Corporate Law and under the NYSE rules.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Audit Committee is permanently assisted by a consultant, who renders financial and consulting services, among others, to the members of our Audit Committee.</FONT></P></DIV>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16B. Code of Ethics</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have adopted a Code of Ethics in 1998, reinforcing our ethical standards and values that apply to all of our employees, including executive officers and directors.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Given its importance, the Code of Ethics was updated during year 2011 and copies of the Code of Ethics were distributed to each employee of the organization, to our Board of Directors and our Audit Committee members, who have signed a Commitment Letter, which reinforces the compromise with the established values.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">There was no amendment to or waiver from any provision of our Code of Ethics in 2011.&nbsp; Our Code of Ethics is in compliance with the SEC requirements for codes of ethics for senior financial officers.&nbsp; A copy of our Code of Ethics is available on our websites www.csn.com.br or www.csn.com.br/ir.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16C.&nbsp; Principal Accountant Fees and Services</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our interaction with our independent auditors with respect to the contracting of services unrelated to the external audit is based on principles that preserve the independence of the auditors and are otherwise permissible under applicable rules and regulations.&nbsp; For the fiscal years ended December&nbsp;31, 2011 and 2010, KPMG Auditores Independentes acted as our independent auditors.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following table describes the services rendered and the related fees.</FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=3>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Year Ended</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">December&nbsp;31,</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2010</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=3>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">(In thousands of R$)</FONT></I></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Audit fees&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,654&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">2,649</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Audit &#8211; related fees&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">285 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">774&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Tax fees&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">142</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">89&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,081&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman">3,512&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Audit fees</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Audit fees in 2011 and 2010 consisted of the aggregate fees billed and billable by our independent auditors in connection with the audit of our consolidated financial statements, reviews of interim financial statements and attestation services that are provided in connection with statutory and regulatory filings or engagements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Audit-related fees</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Audit-related fees in the above table are fees billed by our independent auditors for services that are reasonably related to the performance of the audit or review of our financial statements.&nbsp; In 2011 and 2010 these fees refer mainly to comfort letters for offering of bonds.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Tax Fees</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Fees billed in 2011 and 2010 for professional services rendered by our independent auditors are for tax compliance services.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pre-approval Policies and Procedures</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Our Board of Directors and Audit Committee must approve before we engage independent auditors to provide any audit or permitted non-audit services to us or our subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16D. Exemptions from the Listing Standards for Audit Committees</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are in full compliance with the listing standards for audit committee pursuant to Exchange Act Rule 10A- 3. For a discussion on our audit committee, see &#8220;Item 6. Directors, Senior Management and Employees&#8212;Board Practices&#8212;Fiscal Committee and Audit Committee.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Since the beginning of 2004, in accordance with the limits and provisions of CVM Instruction No. 10/80, our Board of Directors approved a number of share buyback programs.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">In 2011, we did not carry out any form of share buyback, either through publicly announced plans or programs or otherwise. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16F. Change in Registrant&#8217;s Certifying Accountant</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">As previously disclosed in our current report on Form 6-K furnished on March 27, 2012, our board of directors, pursuant to applicable CVM regulation regarding auditor rotation, approved the rotation of&nbsp; KPMG as independent registered public accounting firm and the engagement of Deloitte Touche Tohmatsu Auditores Independentes, or Deloitte, to serve as our new independent registered public accounting firm as from the first quarter of 2012 for the fiscal year ending December 31, 2012 and future fiscal years until new auditor rotation is required. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">KPMG&#8217;s audit report dated April 27, 2012 on our consolidated financial statements for the fiscal year ended December 31, 2011 does not contain an adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope or accounting principles. KPMG&#8217;s audit report dated June 17, 2011 on our consolidated financial statements for the fiscal year ended December 31, 2010 also did not contain an adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope or accounting principles.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">KPMG&#8217;s audit report dated April 27, 2012 on the effectiveness of our internal control over financial reporting as of December 31, 2011 does not contain a disclaimer of opinion nor was it modified as to audit scope or otherwise. KPMG&#8217;s audit report dated June 17, 2011 on the effectiveness of our internal control over financial reporting as of December 31, 2010 also did not contain a disclaimer of opinion nor was it modified as to audit scope or otherwise.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">During the two fiscal years preceding the rotation of KPMG, there were no disagreements between us and KPMG on any matters of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreement in its report on our consolidated financial statements. During the two fiscal years preceding the rotation of KPMG, there were no &#8220;reportable events&#8221; as that term is defined in Item 304(a)(1)(v) of Regulation S-K.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have provided KPMG with a copy of this Item 16F and have requested and received from KPMG a letter addressed to the Securities and Exchange Commission stating whether or not KPMG agrees with the above statements. A copy of the letter from KPMG is attached as Exhibit 16.1 to this annual report. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">During the two fiscal years preceding the rotation of KPMG, neither us nor anyone acting on our behalf, consulted Deloitte regarding any of the matters or events set forth in Item 3.04(a)(2) of Regulation S-K.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16G. Corporate Governance</FONT></B></P><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Significant Differences between our Corporate Governance Practice and NYSE Corporate Governance Standards</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We are subject to the NYSE corporate governance listing standards.&nbsp; As a foreign private issuer, the standards applicable to us are considerably different than the standards applied to U.S. listed companies.&nbsp; Under the NYSE rules, we are required only to:&nbsp; (i)&nbsp;have an audit committee or audit board, pursuant to an applicable exemption available to foreign private issuers, that meets certain requirements, as discussed below, (ii)&nbsp;provide prompt certification by our Chief Executive Officer of any material non-compliance with any corporate governance rules, and (iii)&nbsp;provide a brief description of the significant differences between our corporate governance practices and the NYSE corporate governance practice required to be followed by U.S. listed companies.&nbsp; The discussion of the significant differences between our corporate governance practices and those required of U.S. listed companies follows below.</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Majority of Independent Directors</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The NYSE rules require that a majority of the board of directors must consist of independent directors.&nbsp; Independence is defined by various criteria, including the absence of a material relationship between the director and the listed company.&nbsp; Brazilian law does not have a similar requirement.&nbsp; Under Brazilian law, neither our board of directors nor our management is required to test the independence of directors before their election to the board.&nbsp; However, both Brazilian Corporate Law and the CVM have established rules that require directors to meet certain qualification requirements and that address the compensation and duties and responsibilities of, as well as the restrictions applicable to, a company&#8217;s executive officers and directors.&nbsp; While our directors meet the qualification requirements of Brazilian Corporate Law and the CVM, we do not believe that a majority of our directors would be considered independent under the NYSE test for director independence.&nbsp; Brazilian Corporate Law requires that our directors be elected by our shareholders at an annual shareholders&#8217; meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Executive Sessions</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NYSE rules require that the non-management directors must meet at regularly scheduled executive sessions without management present.&nbsp; Brazilian Corporate Law does not have a similar provision.&nbsp; According to Brazilian Corporate Law, up to one-third of the members of the board of directors can be elected from management.&nbsp; Mr. Benjamin Steinbruch, our Chief Executive Officer, is also the Chairman of our Board of Directors.&nbsp; There is no </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">requirement that non-management directors meet regularly without management.&nbsp; As a result, the non-management directors on our Board of Directors do not typically meet in executive sessions without management present.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Nominating and Corporate Governance Committee</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NYSE rules require that listed companies have a nominating and corporate governance committee composed entirely of independent directors and governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities, which include, among other things, identifying and selecting qualified board member nominees and developing a set of corporate governance principles applicable to the company.&nbsp; We are not required under Brazilian Corporate Law to have, and currently we do not have, a nominating and a corporate governance committee.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Compensation Committee</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NYSE rules require that listed companies have a compensation committee composed entirely of independent directors and governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities, which include, among other things, reviewing corporate goals relevant to the chief executive officer&#8217;s compensation, evaluating the chief executive officer&#8217;s performance, approving the chief executive officer&#8217;s compensation levels and recommending to the board non-chief executive officer compensation, incentive-compensation and equity-based plans.&nbsp; We are not required under applicable Brazilian law to have, and currently do not have, a compensation committee.&nbsp; Under Brazilian Corporate Law, the total amount available for compensation of our directors and executive officers and for profit-sharing payments to our executive officers is established by our shareholders at the annual shareholders&#8217; meeting.&nbsp; The board of directors is then responsible for determining the individual compensation and profit-sharing of each executive officer, as well as the compensation of our board and committee members.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Audit Committee</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NYSE rules require that listed companies have an audit committee that (i)&nbsp;is composed of a minimum of three independent directors who are all financially literate, (ii)&nbsp;meets the SEC rules regarding audit committees for listed companies, (iii)&nbsp;has at least one member who has accounting or financial management expertise and (iv)&nbsp;is governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities.&nbsp; However, as a foreign private issuer, we need only to comply with the requirement that the audit committee meet the SEC rules regarding audit committees for listed companies to the extent compatible with Brazilian corporate law.&nbsp; We have established an Audit Committee, which is equivalent to a U.S. audit committee, and provides assistance to our Board of Directors in matters involving our accounting, internal controls, financial reporting and compliance.&nbsp; Our Audit Committee recommends the appointment of our independent auditors to our Board of Directors and reviews the compensation of, and coordinates with, our independent auditors.&nbsp; They also report on our auditing policies and our annual audit plan prepared by our internal auditing team. Our Audit Committee also evaluates the effectiveness of our internal financial and legal compliance controls, and is comprised of up to three independent directors elected by our Board of Directors for a one-year term of office.&nbsp; The current members of our Audit Committee are Fernando Perrone, Yoshiaki Nakano and Antonio Francisco dos Santos. All members of our Audit Committee satisfy the audit committee membership independence requirements set forth by the SEC and the NYSE.&nbsp; All members of our Audit Committee have been determined by our Board of Directors to qualify as an &#8220;audit committee financial expert&#8221; within the meaning of the rules adopted by the SEC relating to the disclosure of financial experts on audit committees in periodic filings pursuant to the Exchange Act.&nbsp; For further information on our Audit Committee, see &#8220;Item 6. Directors, Senior Management and Employees&#8212;Board Practices&#8212;Fiscal Committee and Audit Committee.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Code of Business Conduct and Ethics</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NYSE rules require that listed companies adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers.&nbsp; Applicable Brazilian law does not have a similar requirement.&nbsp; We have adopted a Code of Ethics applicable to all our employees, including our executive officers and directors. &nbsp;We believe this code addresses the matters required to be addressed pursuant to the NYSE rules.&nbsp; For a further discussion of our Code of Ethics, see &#8220;Item 16B.&nbsp; Code of Ethics.&#8221;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Shareholder Approval of Equity Compensation Plans</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NYSE rules require that shareholders be given the opportunity to vote on all equity compensation plans and material revisions thereto, with limited exceptions.&nbsp; We currently do not have any such plan and, pursuant to our bylaws, we would require shareholder approval to adopt an equity compensation plan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Corporate Governance Guidelines</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NYSE rules require that listed companies adopt and disclose corporate governance guidelines.&nbsp; We have adopted the following corporate governance guidelines, either based on Brazilian law, our Code of Ethics or institutional handbook:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">insider trading policy for securities issued by us;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">disclosure of material facts;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">disclosure of annual financial reports;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">confidential policies and procedures; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Sarbanes-Oxley Disclosure Committee&#8217;s duties and activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 16H.&nbsp;&nbsp;&nbsp; Mine Safety Disclosure</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Not applicable as none of our mines are located in the United States and as such are not subject to the Federal Mine Safety and Health Act of 1977 or the Mine Safety and Health Administration.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 17.&nbsp; Financial Statements</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have responded to Item 18 in lieu of responding to this item.&nbsp; See &#8220;Item 18.&nbsp; Financial Statements.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">PART III</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 18.&nbsp; Financial Statements</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The following consolidated financial statements of the Registrant, together with the report of KPMG Auditores Independentes thereon, are filed as part of this annual report.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Item 19.&nbsp; Exhibits</FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bylaws of CSN, as amended to date.</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Form of Amended and Restated Deposit Agreement dated as of November 1, 1997 as amended and restated as of November 13, 1997, among Companhia Sider&#250;rgica Nacional, JP Morgan Chase Bank, N.A. (as successor to Morgan Guaranty Trust Company of New York), as successor depositary, and all holders from time to time of American Depositary Receipts issued thereunder (incorporated by reference from the Registration Statement on Form F-6 (333-7818) filed with the SEC).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Form of Amendment No. 1 to the Deposit Agreement (incorporated by reference from the Registration Statement on Form F-6EF (333-115078) filed with the SEC on April&nbsp;30, 2004).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Form of Amendment No. 2 to Deposit Agreement, including the form of American Depositary Receipt (corporate by reference from the Registration Statement on Form F-6POS filed with the SEC on January 5, 2011)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">
   <A href="exhibit81.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">8.1+&nbsp;</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
   <A href="exhibit81.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">
   <A href="exhibit81.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">List of subsidiaries&nbsp;</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.1*&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Share Purchase Agreement, dated October 21, 2008, among CSN, Big Jump Energy Participa&#231;&#245;es S.A., Itochu Corporation, JFE Steel Corporation, Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nishin Steel Co., Ltd., and Posco. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">
   <A href="exhibit10-2.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.2*+&nbsp;</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
   <A href="exhibit10-2.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">
   <A href="exhibit10-2.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amendment to the Share Purchase Agreement, dated June 30, 2011.</FONT></FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.3*&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Shareholders Agreement of Nacional Min&#233;rios S.A., dated October 21, 2008, between CSN and Big Jump Energy Participa&#231;&#245;es S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">
   <A href="exhibit10-4.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.4*+&nbsp;</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
   <A href="exhibit10-4.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">
   <A href="exhibit10-4.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Amendment to the Shareholders&#8217; Agreement of Nacional Min&#233;rios S.A., dated June 30, 2011.</FONT></FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.5*&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">High Silica ROM Iron Ore Supply Contract, dated October 21, 2008, between CSN and Nacional Min&#233;rios S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.6*&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Low Silica ROM Iron Ore Supply Contract, dated October 21, 2008, between CSN and Nacional Min&#233;rios S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.7*&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Iron Ore Supply Contract, dated October 21, 2008, between CSN and Nacional Min&#233;rios S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">10.8*&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Port Operating Services Agreement, dated October 21, 2008, between CSN and Nacional Min&#233;rios S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">
   <A href="exhibit121.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.1+&nbsp;</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
   <A href="exhibit121.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">
   <A href="exhibit121.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Section&nbsp;302 Certification of Chief Executive Officer. &nbsp;</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">
   <A href="exhibit122.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">12.2+&nbsp;</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
   <A href="exhibit122.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">
   <A href="exhibit122.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Section&nbsp;302 Certification of Principal Financial Officer. &nbsp;</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">
   <A href="exhibit131.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.1+&nbsp;</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
   <A href="exhibit131.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">
   <A href="exhibit131.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Section&nbsp;906 Certification of Chief Executive Officer. &nbsp;</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">
   <A href="exhibit132.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">13.2+&nbsp;</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
   <A href="exhibit132.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">
   <A href="exhibit132.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Section&nbsp;906 Certification of Principal Financial Officer. &nbsp;</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">
   <A href="exhibit151.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">15.1+&nbsp;</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
   <A href="exhibit151.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">
   <A href="exhibit151.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Management&#8217;s report dated April 27, 2012, on the effectiveness of our internal control over&nbsp;financial reporting as of December&nbsp;31, 2011.</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="13%">
   <A href="exhibit161.htm">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">16.1+</FONT></P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">
   <A href="exhibit161.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></A></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="85%">
   <A href="exhibit161.htm">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Letter from&nbsp;KPMG Auditores Independentes to the Securities and Exchange Commission, dated&nbsp;April 27, 2012, regarding the change in certifying accountant.</FONT></P></A></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">*&nbsp; &nbsp; &nbsp; Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission as part of an application for confidential treatment pursuant to the Securities Exchange Act of 1934, as amended.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">+&nbsp; &nbsp; &nbsp; Filed herewith.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center">130</P>

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<DIV style="FONT-SIZE: 8pt" align=right>Table of Contents</DIV></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader135"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">SIGNATURE</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The registrant hereby certifies that it meets all the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%">



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 27, 2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="48%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Companhia Sider&#250;rgica Nacional </FONT></P></TD></TR>

<TR height=20>

   <TD vAlign=bottom width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">/s/&nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Benjamin Steinbruch </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Name:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Benjamin Steinbruch </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Title: </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Executive Officer </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="52%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">/s/</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Rog&#233;rio Leme Borges dos Santos </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Name:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Rog&#233;rio Leme Borges dos Santos </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Title: </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Controller / Principal Financial Officer </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV></DIV>

<P style="TEXT-ALIGN: center">131</P>

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&nbsp; <A name="page_136"></A>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Report of Independent Registered Public Accounting Firm</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Board of Directors and Shareholders</FONT></P>

<P style="MARGIN: 0cm 0cm 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Companhia Sider&#250;rgica Nacional</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>We have audited the accompanying consolidated balance sheets of Companhia Sider&#250;rgica Nacional and subsidiaries (&#8220;the Company&#8221;) as of December&nbsp;31, 2011 and 2010, and the related consolidated statements of income, changes in shareholders&#8217; equity, comprehensive income and cash flows for each of the years in the three-year period ended December&nbsp;31, 2011. We also have audited the Company&#8217;s internal control over financial reporting as of December&nbsp;31, 2011, based on the criteria established in Internal Control &#8211; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)&#8221;. The Company&#8217;s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#8217;s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on these consolidated financial statements and an opinion on the Company&#8217;s internal control over financial reporting based on our audits.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Companhia Sider&#250;rgica Nacional and subsidiaries as of December&nbsp;31, 2011 and 2010, and the results of their operations and their cash flows for each of the years in the three-year period ended December&nbsp;31, 2011, in conformity with International Financial Report Standards, as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December&nbsp;31, 2011, based on the criteria established in Internal Control &#8211; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 8pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 30pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>KPMG Auditores Independentes </FONT></P>

<P style="MARGIN: 0cm 0cm 30pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>S&#227;o Paulo, SP - Brazil<BR>April 2<FONT style="FONT-SIZE: 9pt" face=Arial>7</FONT>, 2012</FONT></B></P>

<P style="TEXT-ALIGN: center">FS-R1</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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&nbsp; <A name="page_137"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="52%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" colSpan=3 align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companhia Sider&#250;rgica Nacional and Subsidiaries</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Balance Sheet</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=7 align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Thousands of Brazilian reais</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Assets</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" colSpan=3 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><B><FONT style="FONT-FAMILY: arial" size=2>CURRENT ASSETS</FONT></B><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>15,417,393</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>10,239,278</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,616,206</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,367,759</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,734,984</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,355,786</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Recoverable taxes</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>584,273</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>473,787</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other current assets</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>8</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>591,450</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>357,078</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total current assets</B></FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>21,944,306</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,793,688</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><B><FONT style="FONT-FAMILY: arial" size=2>NON-CURRENT ASSETS</FONT></B><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Long-term receivables</B></FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Short-term investments measured at fair value</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>139,679</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>112,484</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>10,043</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>58,485</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income taxes</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>9</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,840,773</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1,592,941</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Receivables from related parties</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left><FONT size=2>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>479,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other non-current assets</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,866,226</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3,676,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,856,721</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,919,110</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,088,225</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,103,624</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>12</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>17,377,076</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>13,776,567</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets</FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>13</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>603,374</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>462,456</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>

   <P style="MARGIN-LEFT: 5px"><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total non-current assets</B></FONT>&nbsp;</P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>24,925,396</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>22,261,757</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>TOTAL ASSETS</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>46,869,702</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>38,055,445</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated financial statements.</FONT>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-1</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_138></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="52%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companhia Sider&#250;rgica Nacional and Subsidiaries</B></FONT></FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Balance Sheet</FONT></FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Thousands of Brazilian reais</FONT></FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liabilities and shareholders&#180; equity</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" colSpan=3 align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>SHAREHOLDERS' EQUITY AND LIABILITIES</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>CURRENT LIABILITIES</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Payroll and related taxes</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>202,469</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>164,799</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,232,075</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>623,233</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes payable</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>325,132</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>275,991</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,702,083</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,308,632</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,728,445</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,854,952</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provisions for tax, social security, labor and civil risks</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>292,178</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>222,461</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,565</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,887</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total current liabilities</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,496,947</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,455,955</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>NON-CURRENT LIABILITIES</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,186,505</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,780,815</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,593,520</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,321,666</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income taxes</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,851</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provisions for tax, social security, labor and civil risks</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>346,285</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,016,842</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Employee Benefits</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>469,050</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>367,839</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>322,374</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>289,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total non-current liabilities</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>31,955,585</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25,776,802</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Equity</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Issued capital</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital reserves</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Earnings reserves</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,671,620</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,119,798</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other comprehensive income/(loss)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-1,366,776</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-168,015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total equity attributable to owners of the Company</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,985,821</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,632,760</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>431,349</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>189,928</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total equity</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,417,170</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,822,688</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="52%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>TOTAL EQUITY AND LIABILITIES</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>46,869,702</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>38,055,445</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" colSpan=3 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated financial statements.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-2</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="46%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companhia Sider&#250;rgica Nacional and Subsidiaries</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Statements of Income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=9 align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Thousands of Brazilian reais</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR height=20>

   <TD width="46%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp; </B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp; </B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp; </B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net Revenue from sales and/or services</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16.519.584</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14.450.510</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10.978.364</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Cost of sales and/or services</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-9.800.844</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-7.882.726</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-7.210.774</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Gross profit</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6.718.740</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6.567.784</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3.767.590</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Operating expenses</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-961.818</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-1.569.438</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-206.358</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Selling expenses</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-604.108</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-481.978</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-447.129</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>General and administrative expenses</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-575.585</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-536.857</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-480.072</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other operating income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>719.177</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>48.821</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.368.594</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other operating expenses</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-501.302</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-599.424</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-647.764</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Share of profits of subsidiaries</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Profit before finance income (costs) and taxes</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5.756.922</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4.998.346</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3.561.232</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Finance income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>717.450</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>643.140</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>586.025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Finance costs</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-2.723.253</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-2.554.598</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-832.460</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Profit before income taxes</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3.751.119</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3.086.888</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3.314.797</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Income tax and social contribution</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-83.885</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-570.697</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-699.616</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Profit from continuing operations</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3.667.234</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2.516.191</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2.615.181</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Profit for the year attributed to:</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Sider&#250;rgica Nacional</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.706.033</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.516.376</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.618.934</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-38.799</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-185</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-3.753</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Earnings per common share - (reais/share)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Basic</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.54191</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.72594</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.75478</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Diluted</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.54191</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.72594</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.75478</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" colSpan=5 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated financial statements.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">FS-3</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_140></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="46%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=2>Companhia Sider&#250;rgica Nacional and Subsidiaries</FONT></B></FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Statement of Cash Flow</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=9 align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Thousands of Brazilian reais</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Profit for the year</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,667,234</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,516,191</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,615,181</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accrued charges on borrowings and financing</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,650,622</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,489,191</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,130,089</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation/ depletion / amortization</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12.b)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>948,251</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>814,034</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>797,341</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proceeds from write-off and disposal of assets</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,727</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,827</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,494</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Realization of available-for-sale investments</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-698,164</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax and social contribution</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-52,542</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>207,268</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>122,152</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision of swaps/forwards transactions</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>110,009</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>126,492</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-88,986</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gain/(loss) on change in percentage equity interest</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-835,115</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for actuarial liabilities</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-11,412</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,393</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-47,622</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for tax, social security, labor and civil risks</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>62,746</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>199,558</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99,157</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inflation adjustment and exchange differences</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-250,083</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,119</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-2,024,573</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Allowance for doubtful debts</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>189</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-46,675</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,527</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-19,651</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-80,570</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>399,076</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash generated from operations</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,461,926</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,290,828</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,238,721</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-339,427</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>143,250</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-51,082</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-410,264</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-794,331</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>926,260</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Receivables from related parties</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>471,666</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Recoverable taxes</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,700</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>297,424</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-317,968</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>544,300</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,964</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-1,137,203</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Payroll and related taxes</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-47,072</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-36,757</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,257</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes payable</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>135,765</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-101,723</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>263,734</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes in installments - REFIS</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-296,304</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-414,473</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-103,775</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Judicial deposits</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-20,253</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-33,822</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-737,041</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Contingent liabilities</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>120,951</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,868</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-422,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest paid</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-2,145,400</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-1,190,423</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-992,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest paid on swap transactions</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-360,976</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-676,163</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-742,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,168</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,662</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>376,306</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Increase (decrease) in assets and liabilities</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-2,260,146</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-2,773,524</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-2,922,867</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net cash generated by (used in) operating activities</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,201,780</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,517,304</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-684,146</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Receipt/payment in derivative transactions</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-57,157</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>395,346</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>248,966</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposal of investments</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,310,171</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net effects of equity swap</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,420,322</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-2,126,493</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-1,370,016</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-284,232</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-4,400,825</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-3,635,911</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-1,996,759</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-707</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-25,216</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-5,628</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net cash used in investing activities</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-5,275,011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-4,635,797</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-617,331</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,824,012</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,754,779</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,582,823</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Repayments to financial institutions - principal</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-1,469,206</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-2,706,982</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-2,783,313</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends and interest on capital</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-1,856,381</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-1,560,795</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-2,027,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Treasury shares</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-1,350,307</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital contribution by non-controlling shareholders</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>242,290</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>128,811</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net cash generated by financing activities</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,740,715</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,615,813</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,421,603</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Exchange rate changes on cash and cash equivalents</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,510,631</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-228,833</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-1,300,744</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Increase (decrease) in cash and cash equivalents</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,178,115</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,268,487</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-1,180,618</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents at the beginning of the year</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,239,278</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,970,791</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,151,409</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash and cash equivalents at the end of the year</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,417,393</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,239,278</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,970,791</B></FONT>&nbsp;</TD></TR></TABLE><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></DIV>

<P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: center">FS-4</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_141></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="28%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=bottom width="73%" colSpan=11 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companhia Sider&#250;rgica Nacional and Subsidiaries</B></FONT></TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="8%" align=left>&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="8%" align=left>&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=bottom width="73%" colSpan=11 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Statement of Changes in Shareholders' Equity</FONT></TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="8%" align=left>&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="8%" align=left>&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="100%" colSpan=17 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Thousands of Brazilian reais</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Paid-in Capital</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Capital</B></FONT> <FONT size=1 face=Arial><B>Reserve</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Earnings </B></FONT><FONT size=1 face=Arial><B>Reserve</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center>&nbsp;<FONT size=1 face=Arial><B>Retained</B></FONT>&nbsp;<FONT size=1 face=Arial><B>earnings</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other comprehensive income</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center>&nbsp;<FONT size=1 face=Arial><B>Equity</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Non-Controling interests</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>&nbsp;Consolidated&nbsp;</B></FONT><FONT size=1 face=Arial><B>Equity</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>At December 31, 2008 as reported</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,680,947</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,768,756</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,012,732</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>200,124</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,662,589</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,662,589</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Impact of restated of prior years</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(176,185)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(176,185)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(176,185)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>At December 31, 2008</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,680,947</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,768,756</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>836,547</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>200,124</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,486,404</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,486,404</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrealized Gain/Loss - Investiments</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(602)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(602)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(602)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>IFRS adjustments</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>485,816</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>175,257</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(200,124)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>460,949</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>460,949</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Opening balance at January 1, 2009</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,680,947</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,254,572</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,011,804</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(602)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,946,751</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,946,751</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Approval of prior year&#8217;s proposed dividends</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(485,816)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(485,816)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(485,816)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Profit for the year</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,618,934</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,618,934</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,753)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,615,181</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Alocation of profit for the year</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Declared dividends (R$1,028.82 per thousand shares)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,500,000)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,500,000)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,500,000)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest on capital (R$219.46 per thousand shares)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(319,965)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(319,965)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(319,965)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reserves</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,847,522</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,847,522)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proposal to the General Meeting</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,178,635</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,178,635</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,178,635</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Comprehensive income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(585,113)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(585,113)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(585,113)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Repurchase of treasury shares as per EGM 8/13/2009</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,350,308)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,350,308)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,350,308)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cancelation of treasury shares as per EGM 8/21 and 9/14/2009</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>86,813</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>86,813</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,332</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,332</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,332</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balances at December 31, 2009</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,680,947</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,444,605</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(33,417)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(585,715)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,506,450</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>83,060</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,589,510</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Approval of prior year&#8217;s proposed dividends</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,178,635)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,178,635)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,178,635)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Profit for the year</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,516,376</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,516,376</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(185)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,516,191</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Allocation of profit for the year</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(272,297)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(272,297)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(272,297)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Declared dividends (R$186.76 per thousand shares)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(356,800)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(356,800)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(356,800)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest on capital (R$244.72 per thousand shares)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,227,703)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,227,703)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,227,703)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additional dividends proposed (R$842.06 per thousand shares)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,227,703</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,227,703</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,227,703</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment reserve</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>626,159</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(626,159)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cancelation of treasury shares</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Comprehensive income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>417,700</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>417,700</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>417,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>107,053</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>107,053</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balances at December 31, 2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,680,947</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,119,798</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(168,015)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,632,760</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>189,928</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,822,688</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Approval of prior year&#8217;s proposed dividends</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,227,703)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,227,703)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,227,703)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Profit for the year</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,706,033</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,706,033</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(38,799)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,667,234</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Allocation of profit for the year</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Declared dividends (R$635.48 per thousand shared)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(926,508)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(926,508)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(926,508)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additional dividends proposed (R$599.12 per thousand shares)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>273,492</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(273,492)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other comprehensive income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,198,761)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,198,761)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,198,761)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Recognition of reserves</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,506,033</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,506,033)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>280,220</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>280,220</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balances at December 31, 2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,680,947</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 7px" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,671,620</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,366,776)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,985,821</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>431,349</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,417,170</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated financial statements.</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-5</P>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_142></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companhia Sider&#250;rgica Nacional and Subsidiaries</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Statements of Comprehensive Income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=7 align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Thousands of Brazilian reais</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR height=20>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" colSpan=5 align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp; </B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Profit for the year</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,667,234</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,516,191</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,615,181</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other comprehensive income</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-1,198,761</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>417,700</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-585,113</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Exchange differences arising on translation of foreign operations, net of taxes</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>195,046</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-69,270</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-618,723</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial gains/(losses) on defined benefit plan, net of taxes</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-74,331</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-28,603</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-3,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Net change in fair value of available-for-sale financial assets, net of taxes</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-621,312</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>515,573</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>36,885</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Net change in fair value of available-for-sale financial assets transferred to profit or loss</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-698,164</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Comprehensive income for the year</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,468,473</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,933,891</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,030,068</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Attributable to:</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Sider&#250;rgica Nacional</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,507,272</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,934,076</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,033,821</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-38,799</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-185</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-3,753</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these consolidated financial statements.</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-6</P>

<HR align=center SIZE=2 width="100%" noShade>



&nbsp;
<A name=page_143></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(expressed In thousands of reais &#8211; R$, unless otherwise stated)</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>DESCRIPTION OF BUSINESS</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companhia Sider&#250;rgica Nacional is a publicly-held company incorporated on April 9, 1941, under the laws of the Federative Republic of Brazil (Companhia Sider&#250;rgica Nacional, its subsidiaries and jointly controlled entities collectively referred to herein as "CSN" or the &#8220;Company&#8221;).The Company&#8217;s registered office social is located at Avenida Brigadeiro Faria Lima, 3400 &#8211; S&#227;o Paulo, SP.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN is a Company with shares listed on the S&#227;o Paulo Stock Exchange (BOVESPA) and the New York Stock Exchange (NYSE).&nbsp; Accordingly, it reports its information to the Brazilian Securities Commission (CVM) and the U.S. Securities and Exchange Commission (SEC).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The main operating activities of CSN are divided into 5 (five) segments as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">

<P style="BORDER-BOTTOM: medium none; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel:&nbsp;</FONT></B></P></DIV>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s main industrial facility is the Presidente Vargas Steel Mill (&#8220;UPV&#8221;), located in the city of Volta Redonda, State of Rio de Janeiro. This segment consolidates the operations related to the production, distribution and sale of flat steel, metallic packaging and galvanized steel. In addition to the facilities in Brazil, CSN has operations in the United States and Portugal aimed at gaining markets and performing excellent services for final consumers. Its steels are used in the home appliances, civil construction and automobile industries.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">

<P style="BORDER-BOTTOM: medium none; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining:&nbsp;</FONT></B></P></DIV>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The production of iron ore is developed in the city of Congonhas, in the State of Minas Gerais. It further mines tin in the State of Rond&#244;nia to supply the needs of UPV, with the excess of these raw materials being sold to subsidiaries and third parties.CSN holds a concession to operate TECAR, a solid bulk maritime terminal, of the 4 (four) terminals that form the Itagua&#237; Port, located in Rio de Janeiro. Importations of coal and coke are carried out through this terminal.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">

<P style="BORDER-BOTTOM: medium none; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cement:&nbsp;</FONT></B></P></DIV>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company entered the cement market boosted by the synergy between this new activity and its already existing businesses. Next to the Presidente Vargas Steel Mill in Volta Redonda (RJ), it installed a new business unit: CSN Cimentos, which produces CP-III type cement by using slag produced by the UPV blast furnaces in Volta Redonda. Explores also limestone and dolomito Arches drive in the State of Minas Gerais, to feed the needs of UPV and CSN Cement, and the surplus of such raw materials is sold to subsidiaries and third parties.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>During 2011, the Clinker used in the manufacture of cement was purchased from third parties, however, by the end of 2011, with the completion of the first stage of the Clinker plant in Arcos (MG), this has already filled the needs of grinding of CSN Cimentos located in Volta Redonda.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">

<P style="BORDER-BOTTOM: medium none; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Logistics:&nbsp;</FONT></B></P></DIV>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Railroads:</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN has equity interests in two railroad companies: MRS Log&#237;stica, which manages the former Southeast Network of Rede Ferrovi&#225;ria Federal S.A. (RFFSA), and Transnordestina Log&#237;stica, which operates the former Northeast Network of the RFFSA in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Ports</FONT></I><B><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>:&nbsp;</FONT></I></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-7</P>

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&nbsp; <A name="page_144"></A>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the State of Rio de Janeiro, the Company operates the Container Terminal known as Sepetiba Tecon at the Itagua&#237; Port. Located in the Bay of Sepetiba, this port has privileged highway, railroad and maritime access.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Tecon handles the shipments of CSN steel products, movement of containers, as well as storage, consolidation and deconsolidation of cargo.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">

<P style="BORDER-BOTTOM: medium none; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Energy:&nbsp;</FONT></B></P></DIV>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As energy is fundamental in its production process, the Company has invested in assets for generation of electric power to guarantee its self-sufficiency.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>For further details on strategic investments in the Company&#8217;s segments, see Note 27 &#8211; Segment Information.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">

<P style="BORDER-BOTTOM: medium none; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B></P></DIV>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">

<P style="BORDER-BOTTOM: medium none; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=left><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Basis of preparation</FONT></B></P></DIV>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The consolidated financial statements have been prepared and are being presented in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company&#8217;s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in the notes to this report and refer to the allowance for doubtful debts, provision for inventory losses, provision for labor, civil, tax, environmental and social security risks, depreciation, amortization, depletion, provision for impairment, deferred taxes, financial instruments and employee benefits.&nbsp; Actual results may differ from these estimates.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The financial statements are presented in thousands of reais (R$). Depending on the applicable IFRS standard, the measurement criterion used in preparing the financial statements considers the historical cost, net realizable value, fair value or recoverable amount.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Some balances for the financial years 2009 and 2010 were reclassified to permit a better comparability with 2011.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The consolidated financial statements were approved by the Board of Directors and authorized for issue on&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>April</FONT> 26, 2012</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=blue face=arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Consolidated financial statements</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The accounting policies have been consistently applied to all consolidated companies.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The consolidated financial statements for the years ended December 31, 2011 and 2010 include the following direct and indirect subsidiaries and jointly-controlled subsidiaries, as well as the exclusive funds Diplic and Mugen:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companies&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-8</P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Equity interest (%)</B></FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companies</B></FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Main activities</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Direct interest: full consolidation</B></FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="32%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VII Corp.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VIII Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands IX Corp.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands X Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XI Corp.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XII Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tangua Inc.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>International Investment Fund</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity interests and financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Minerals S. L.(1)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Export Europe, S.L. (2)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Metals S.L. (3)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity interests and financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Americas S.L. (4)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity interests and financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Steel S.L. (5)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity interests and financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TdBB S.A</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dormant company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sepetiba Tecon S.A.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Port services</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Minera&#231;&#227;o Nacional S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN A&#231;os Longos S.A.- merged by Parent Company on 1/28/2011</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Manufacture and sale of steel and/or metallurgical products</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Florestal Nacional S.A.(6)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reforestation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Estanho de Rond&#244;nia S.A.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tin mining</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cia Metalic Nordeste</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Manufacture of packaging and distribution of steel products</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Metal&#250;rgica Prada</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Manufacture of packaging and distribution of steel products</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Cimentos S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cement manufacturing</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inal Nordeste S.A.- merged by Parent Company on 5/30/2011</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Service center for steel products</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Gest&#227;o de Recursos Financeiros Ltda.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dormant company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Congonhas Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Energia S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sale of electric power</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transnordestina Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70.91</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76.45</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Railroad logistics</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Indirect interest: full consolidation</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Aceros S.A.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Siderurgica Nacional LLC</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steel</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Europe Lda.(7)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Ib&#233;ria Lda.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Portugal, Unipessoal Lda. (8)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions and product sales</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Lusosider Projectos Sider&#250;rgicos S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Lusosider A&#231;os Planos, S. A.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.94</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.94</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steel and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Acquisitions, Ltd.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Resources S.A.(9)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Finance UK Ltd</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Holdings UK Ltd</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Handel GmbH(10)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Itamambuca Participa&#231;&#245;es S. A. - merged by CSN Cimentos em 5/30/2011</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Brasileira de Latas (11)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59.17</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sale of cans and containers in general and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rimet Empreendimentos Industriais e Comerciais S. A.(11)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.08</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production and sale of steel containers and forestry</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia de Embalagens Met&#225;licas MMSA (11)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production and sale of cans and related activities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Empresa de Embalagens Met&#225;licas - LBM Ltda. (11)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sales of containers and holding interests in other entities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Empresa de Embalagens Met&#225;licas - MUD Ltda. (11)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production and sale of household appliances and related products</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Empresa de Embalagens Met&#225;licas - MTM do Nordeste (11)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production and sale of cans and related activities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia de Embalagens Met&#225;licas - MTM (11)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production and sale of cans and related activities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Direct interest: proportionate consolidation</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nacional Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica S.A.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48.75</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48.75</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Generation of electric power</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27.27</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.93</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Railroad transportation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cons&#243;rcio da Usina Hidrel&#233;trica de Igarapava</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17.92</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17.92</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Electric power consortium</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Aceros Del Orinoco S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.73</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.73</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dormant company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura (12)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision of services</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Indirect interest: proportionate consolidation</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Namisa International Minerios SLU</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity interests and sales of products and minerals</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Namisa Europe, Unipessoal Lda.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity interests and sales of products and minerals</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.34</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Railroad transportation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Aceros Del Orinoco S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.08</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.08</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dormant company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Aloadus Handel GmbH (10)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="3%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="95%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="95%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>New corporate name of CSN Energy S.&#224;.r.l., changed on December 15, 2010.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="95%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>New corporate name of CSN Export S.&#224;.r.l., changed on August 9, 2011.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="95%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>New corporate name of CSN Overseas S.&#224;.r.l., changed on December 15, 2010.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="95%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>New corporate name of CSN Panam&#225; S.&#224;.r.l., changed on December 15, 2010.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="95%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>New corporate name of CSN Steel S.&#224;.r.l., changed on December 17, 2010.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="95%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>New corporate name of Itagua&#237; Log&#237;stica S.A., changed on December 27, 2010.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="95%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>New corporate name of CSN Madeira Lda., changed on January 8, 2010.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="95%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>New corporate name of Hickory-Com&#233;rcio Internacional e Servi&#231;os Lda., changed on January 8, 2010.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="95%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>New corporate name of CSN Cement S.&#224;.r.l., changed on June 18, 2010.</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD width="3%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10)&nbsp;<FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="95%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companies that became subsidiaries on November 3, 2011.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-9</P>

<HR align=center SIZE=2 width="100%" noShade>



&nbsp;
<A name=page_146></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both" lang=EN-US size=1 face=Arial,sans-serif>(11)</FONT><FONT size=1><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both" lang=EN-US face=Arial,sans-serif>Companies that became subsidiaries on July 12, 2011.</FONT></FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both" lang=EN-US size=1 face=Arial,sans-serif>(12)</FONT><FONT size=1><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both" lang=EN-US face=Arial,sans-serif>Equity interest acquired on December 5, 2011.</FONT></FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18.75pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exclusive funds</FONT></B></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="32%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Interest held</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Exclusive funds</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Main activities</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Direct interest: full consolidation</B></FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="32%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>DIPLIC - Fundo de investimento multimercado</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mugen - Fundo de investimento multimercado</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment fund</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In preparing the financial statements the following consolidation procedures have been applied:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Unrealized gains on transactions with subsidiaries and jointly controlled entities are eliminated to the extent of CSN&#8217;s equity interests in the related entity in the consolidation process. Unrealized losses are eliminated in the same manner as unrealized gains, although only to the extent that there are indications of impairment. The base date of the financial statements of the subsidiaries, jointly controlled entities and a</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ffiliated companies </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>is the same as that of the Company, and their accounting policies are in line with the policies adopted by the Company.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Subsidiaries&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Subsidiaries are all entities (including special purpose entities) over which the Company has the power to determine the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are actually exercisable or convertible are taken into consideration when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date when control is transferred to the Company and are deconsolidated from the date when such control ceases.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Joint controlled entities</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The financial statements of jointly controlled entities are included in the consolidated financial statements from the date when shared control starts through the date when shared control ceases to exist. Jointly controlled entities are proportionately consolidated.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions and non-controlling interests</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company treats transactions with non-controlling interests as transactions with owners of Company equity. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains and losses on disposals to non-controlling interests are also recognized directly in equity, in line item &#8220;Valuation adjustments to equity&#8221;.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt" lang=EN-US>When the Company no longer holds control, any retained interest in the entity is remeasured to its fair value, with the change in the carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Company had directly disposed of the related assets or liabilities. This mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: left; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt" align=left><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(c)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Foreign currencies</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Functional and presentation currency</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-10</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_147></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Items included in the financial statements of each one of the Company&#8217;s subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (&#8220;functional currency&#8221;). The financial statements are presented in Brazilian reais (R$), which is the Company&#8217;s functional currency and the Group&#8217;s presentation currency.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Balances and transactions</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Transactions in foreign currencies are translated into the functional currency using the exchange rates in effect at the dates of the transactions or valuation on which items are remeasured. Foreign exchange gains and losses resulting from the settlement of these transactions and from the translation at exchange rates in effect as as of December 31, 2011 of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when they are recognized in equity as qualifying cash flow hedges and qualifying net investment hedges.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The asset and liability balances are translated at the exchange rate in effect at the end of the reporting period. As of December 31, 2011, US$1 is equivalent to R$1.8758 (R$1.6662 as of December 31, 2010), EUR&nbsp;1 is equivalent to R$2.4342 (R$2.2280 as of December 31, 2010), A$1 is equivalent to R$1.9116 (R$1.6959 as of December 31, 2010) and JPY&nbsp;1 is equivalent to R$0.02431 (R$0.0205 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>All other foreign exchange gains and losses, including foreign exchange gains and losses related to loans and cash and cash equivalents, are presented in the income statement as finance income or costs.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in the fair value of monetary securities denominated in foreign currency, classified as available-for-sale, are segregated into translation differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Exchange differences related to changes in amortized cost are recognized in profit or loss, and other changes in the carrying amount are recognized in equity.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Exchange differences on non-monetary financial assets and liabilities classified as measured at fair value through profit or loss are recognized in profit or loss as part of the gain or loss on the fair value. Exchange differences on non-monetary financial assets, such as investments in shares classified as available-for-sale, are included in comprehensive income in equity.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>iii.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Group companies</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The results and financial position of all the Group&#8217;s entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the reporting currency are translated into the reporting currency as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets and liabilities in each balance sheet presented have been translated at the exchange rate at the end of the reporting period.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Income and expenses of each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates in effect at the transaction dates, in which case income and expenses are translated at the rate in effect at the transaction dates); and</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>All resulting exchange differences are recognized as a separate component in other comprehensive income.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On consolidation, exchange differences resulting from the translation of monetary items with characteristics of net investment in foreign operations are recognized in equity. When a foreign operation is partly disposed of or sold, exchange differences previously recorded in other comprehensive income are recognized in the income statement as part of the gain or loss on sale.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(d)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cash and cash equivalents</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-11</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_148></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents include cash on hand and in banks and other short-term highly liquid investments redeemable within 90 days from the end of the reporting period, readily convertible into a known amount of cash and subject to an insignificant risk of change in value. Certificates of deposit that can be redeemed at any time without penalties are considered as cash equivalents.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(e)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Trade receivables</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Trade receivables are initially recognized at fair value, including the related taxes and expenses. Foreign currency-denominated trade receivables are adjusted at the exchange rate in effect at the end of the reporting period. The allowance for doubtful debts was recognized in an amount considered sufficient to cover any losses. Management&#8217;s assessment takes into consideration the customer&#8217;s history and financial position, as well as the opinion of our legal counsel regarding the collection of these receivables for recognizing the allowance.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(f)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Inventories&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method on the acquisition of raw materials. The costs of finished products and work in process comprise raw materials, labor and other direct costs (based on the normal production capacity). Net realizable value represents the estimated selling price in the normal course of business, less estimated </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>costs of completion and costs necessary to make the sale. Losses for slow-moving or obsolete inventories are recognized when considered appropriate. </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Stockpiled inventories are accounted for as processed when removed from the mine. The cost of finished products comprises all direct costs necessary to transform stockpiled inventories into finished products.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(g)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Investments&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Foreign exchange differences arising on translating foreign investments that have a functional currency different from the Company&#8217;s, as well as adjustments to pension plans and available-for-sale investments that impact the subsidiaries&#8217; equity, are recognized in other comprehensive income, in the Company&#8217;s equity, and are only recognized in profit or loss when the investment is disposed of or written off due to impairment loss. Other investments are recognized and maintained at cost or fair value.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>When necessary, the accounting policies of subsidiaries and jointly controlled entities are changed to ensure consistency and uniformity of criteria with the policies adopted by the Company.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(h)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Business combination</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>The acquisition method is used to account for each business combination conducted by the Company. The consideration transferred for acquiring a subsidiary is the fair value of the assets transferred, liabilities incurred and equity instruments issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement, where applicable. Acquisition-related costs are recognized in profit or loss, as incurred. Identifiable assets acquired and liabilities assumed in a business combination are initially measured at their fair values at the acquisition date. The Company recognizes non-controlling interests in the acquiree according to the proportional non-controlling interest held in the fair value of the acquiree&#8217;s new assets (see note 3).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(i)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Property, plant and equipment</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Property, plant and equipment are carried at cost of acquisition, formation or construction, less accumulated depreciation or depletion and any impairment loss. Depreciation is calculated under the straight-line method based on the remaining economic useful economic lives of assets, as mentioned in note 12. The depletion of mines is calculated based on the quantity of ore mined. Land is not depreciated since its useful life is considered indefinite. However, if the tangible assets are mine-specific, they are depreciated over the economic useful lives for such assets. The Company recognizes in the carrying </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>amount of property, plant and equipment the cost of replacement, reducing the carrying amount of the part that it is replacing if it is probable that future economic benefits embodied therein will revert to the Company, and if the cost of the asset can be reliably measured. All other disbursements are expensed as incurred. Borrowing costs related to funds obtained for construction in progress are capitalized until these projects are completed.</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-12</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_149"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>If some components of property, plant and equipment have different useful lives, these components are separately recognized as property, plant and equipment items.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains and losses on disposal are determined by comparing the sale value less the residual value and are recognized in &#8216;Other operating income (expenses)&#8217;.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Mineral rights acquired are classified as other assets in property, plant and equipment.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Exploration expenditures are recognized as expenses until the viability of mining activities is established; after this period subsequent development costs are capitalized. Exploration and valuation expenditures include:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Research and analysis of exploration area historical data;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Topographic, geological, geochemical and geophysical studies;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Determine the mineral asset&#8217;s volume and quality/ grade of deposits;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Examine and test the extraction processes and methods;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Topographic surveys of transportation and infrastructure needs;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Market studies and financial studies.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The costs for the development of new mineral deposits or capacity expansion in mines in operations are capitalized and amortized using the produced (extracted) units method based on the probable and proven ore quantities.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The development stage includes:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Drillings to define the ore body;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Access and draining plans;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Advance removal of overburden (top soil and waste material removed prior to initial mining of the ore body) and waste material (non-economic material that is intermingled with the ore body). This is often referred to as stripping</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Stripping costs (the costs associated with the removal of overburdened and other waste materials) incurred during the development of a mine, before production commences, are capitalized as part of the depreciable cost of developing the property. Such costs are subsequently amortized over the useful life of the mine based on proven and probable reserves.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Post-production stripping costs are included in the cost of the inventory produced (that is extracted), at each mine individually during the period that stripping costs are incurred.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company holds spare parts that will be used to replace parts of property, plant and equipment and that will increase the asset&#8217;s useful life and the useful life of which exceeds 12 months</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> These parts are classified in property, plant and equipment and not in inventories.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(j)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Intangible assets</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Intangible assets comprise assets acquired from third parties, including through business combinations and/or those internally generated.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These assets are recognized at cost of acquisition or formation, less amortization calculated on a straight-line basis based on the exploration or recovery periods.</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-13</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_150"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Intangible assets with indefinite useful lives and goodwill based on expected future profitability are not amortized.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill represents the positive difference between the amount paid and/or payable for the acquisition of a business and the net fair values of the assets and liabilities of the acquiree. Goodwill on acquisitions of subsidiaries is recognized as &#8216;Intangible assets&#8217; in the financial statements. Negative goodwill is recognized as a gain in profit for the period at the acquisition date. Goodwill is annually tested for impairment. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of a Cash-Generating Unit (CGU) include the carrying amount of goodwill related to the CGU sold.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill is allocated to CGUs for impairment testing purposes. The allocation is made to Cash-Generating Units or groups of Cash-Generating Units that are expected to benefit from the business combination from which the goodwill arose, and the unit is not greater than the operating segment.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Software&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0cm 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Software licenses purchased are capitalized based on the costs incurred to purchase the software and make it ready for use. These costs are amortized on a straight-line basis over the estimated economic useful lives.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(k)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Impairment of non-financial assets</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets with infinite useful lives, such as goodwill, are not subject to amortization and are annually tested for impairment. Assets subject to amortization are tested for impairment when whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment loss is recognized at the amount by which the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the fair value of an asset less costs to sell and its value in use. For impairment testing purposes, assets are grouped at their lowest levels for which there are separately identifiable cash flows (Cash Generating Units - CGUs). Non-financial assets, except goodwill, that are considered impaired are subsequently reviewed for possible reversal of the impairment at the reporting date.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(l)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Employee benefits</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee benefits</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0cm 24pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Defined contribution plans</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>A defined contribution plan is as a post-employment benefit plan whereby an entity pays fixed contributions to a separate entity (pension fund) and will not have any legal or constructive obligation to pay additional amounts. Obligations for contributions to defined contribution pension plans are recognized as employee benefit expenses in the income statement for the periods during which services are provided by employees. Contributions paid in advance are recognized as an asset on condition that either cash reimbursement or reduction in future payments is available. Contributions to a defined contribution plan that is expected to mature twelve (12) months after the end of the period in which the employee provides services are discounted to their present values.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Defined benefit plans</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#83a3e8 face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company&#8217;s net obligation regarding defined pension benefit plans is calculated individually for each plan by estimating the value of the future benefit that the employees accrue as return for services provided in the current period and in prior periods; such benefit is discounted to its present value. Any unrecognized costs of past services and the fair values of any plan assets are deducted. The discount rate is the yield presented at the end of the reporting period for top line debt securities whose maturity dates approximate the terms and conditions of the Company&#8217;s obligations and which are denominated in the same currency as the </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>one in which it is expected that the benefits will be paid. The calculation is made annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit for the Company, the asset to be recognized is limited to the total amount of any unrecognized costs of past services and the present value of the economic benefits available in the form of future plan reimbursements or reduction in future contributions to the plan. In calculating the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any Company plan. An economic benefit is available to the Company if it is realizable during the life of the plan or upon settlement of the plan&#8217;s liabilities.</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-14</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_151"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Some of the Company&#8217;s entities offered a postretirement healthcare benefit to its employees. The right to these benefits is usually contingent to their remaining in employment until the retirement age and the completion of the minimum length of service. The expected costs of these benefits are accumulated during the employment period, and were calculated using the same accounting method used for defined benefit pension plans. These obligations are annually evaluated by qualified independent actuaries.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>When the benefits of a plan are increased, the portion of the increased benefit related to past services of employees is recognized on a straight-line basis over the average period until the benefits become vested. When the benefits become immediately vested, the expense is recognized in profit or loss.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Company has chosen to recognize all the actuarial gains and losses resulting from defined benefit plans immediately in other comprehensive income and only registered in income statement if the plan is extinguished.</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit sharing and bonus</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee profit sharing and executives&#8217; variable compensation are linked to the achievement of operating and financial targets. The Company, when such goals are met, recognizes a liability and an expense substantially allocated to production cost and, where applicable, to general and administrative expenses.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(m)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Provisions&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Provisions are recognized when: (i)&nbsp;the Company has a present legal or constructive obligation as a result of past events, (ii)&nbsp;it is probable that an outflow of resources will be required to settle a present obligation, and (iii)&nbsp;the amount can be reliably measured. Provisions are determined discounting the expected future cash flows based on a pre-tax discount rate that reflects current market assessments of the time value of money and, where appropriate, the specific risks of the liability.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(n)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Concessions&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has government concessions and their payments are classified as operating leases.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(o)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Share capital</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Common shares are classified in equity.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds, net of taxes.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>When the Company or any of its subsidiaries buys Company shares (treasury shares), the amount paid, including any directly attributable additional costs (net of income tax), is deducted from equity attributable to owners of the Company until the shares are canceled or reissued. When these shares are subsequently reissued, any amount received, net of any directly attributable additional transaction costs and the related income tax and social contribution effects, is included in equity attributable to owners of the Company.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(p)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Revenue recognition</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center">FS-15</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_152"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Operating revenue from the sale of goods in the normal course of business is measured at the fair value of the consideration received or receivable. Revenue is recognized when there is convincing evidence that the most significant risks and rewards of ownership of goods have been transferred to the buyer, it is probable that future economic benefits will flow to the entity, the associated costs and possible return of goods can be reliably estimated, there is no continued involvement with the goods sold, and the amount of the operating revenue can be reliably measured. If it is probable that discounts will be granted and the value thereof can be reliably measured, then the discount is recognized as a reduction of the operating revenue as sales are recognized. Revenue from services provided is recognized as it is realized.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The appropriate timing for transfer of risks and rewards varies depending on the individual terms and conditions of the sales contract. For international sales, this timing depends on the type of term of the contract.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(q)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Finance income and finance costs</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Finance income includes interest income from funds invested (including available-for-sale financial assets), dividend income (except for dividends received from investees accounted for under the equity method in Company), gains on disposal of available-for-sale financial assets, changes in the fair value of financial assets measured at fair value through profit or loss, and gains on hedging instruments that are recognized in profit or loss. Interest income is recognized in profit or loss under the effective interest method. Dividend income is recognized in profit or loss when the Company&#8217;s right to receive payment has been established. Distributions received from investees accounted for by the equity method reduce the investment value.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Finance costs comprise interest expenses on borrowings, net of the discount to present value of the provisions, dividends on preferred shares classified as liabilities, losses in the fair value of financial instruments measured at fair value through profit or loss, impairment losses recognized in financial assets, and losses on hedging instruments that are recognized in profit or loss. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are measured through profit or loss under the effective interest method.</FONT></P>

<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange gains and losses are reported on a net basis.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(r)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Current and deferred income tax and social contribution are calculated based on the tax law enacted or substantially enacted by the end of the reporting period, including in the countries where the Group entities operate and generate taxable profit. Management periodically assesses the positions assumed in the tax calculations with respect to situations where applicable tax regulations are open to interpretations. The Company recognizes provisions, when appropriate, based on the estimated payments to tax authorities.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The income tax and social contribution expense comprises current and deferred taxes. The current and deferred taxes are recognized in profit or loss unless they are related to business combinations or items directly recognized in equity.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Current tax is the expected tax payable or receivable on taxable profit or loss for the year at tax rates that have been enacted or substantially enacted by the end of the reporting period and any adjustment to taxes payable in relation to prior years.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax is not recognized for the following temporary differences: initial recognition of assets and liabilities in a transaction that is not a business combination and does not affect either the accounting or taxable profit or loss, and differences associated with investments in subsidiaries and controlled entities when it is probable that they will not reverse in the foreseeable future. Moreover, a deferred tax liability is not recognized for taxable temporary differences resulting in the initial recognition of goodwill. The deferred tax is measured at the rates that are expected to be applied on temporary differences when they reverse, based on the laws that </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>have been enacted or substantially enacted by the end of the reporting period.</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-16</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_153"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm">

<FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Current income tax and social contribution are carried at their net amounts by the taxpayer, in liabilities when there amounts payable or in assets when prepaid amounts exceed the total amount due at the end of the reporting period.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on the same entity subject to taxation.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>A deferred income tax and social contribution asset is recognized for all tax losses, tax credits, and temporary differences to the extent that it is probable that taxable profits will be available against which those tax losses, tax credits, and deductible temporary differences can be utilized.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Deferred income tax and social contribution assets are reviewed at the end of each reporting period and reduced to the extent that their realization is no longer probable.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(s)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Earnings per share</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Basic earnings per share are calculated by means of the profit for the year attributable to owners of the Company and the weighted average number of common shares outstanding in the related period. Diluted earnings per share are calculated by means of the average number of shares outstanding, adjusted by instruments potentially convertible into shares, with diluting effect, in the reported periods. The Company does not have any instruments potentially convertible into shares and, accordingly, diluted earnings per share are equal to basic earnings per share.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(t)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Environmental and restoration costs</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company recognizes a provision for the costs of recovery of areas and fines when a loss is probable and the amounts of the related costs can be reliably measured. Generally, the period for providing for the amount to be used in recovery coincides with the end of a feasibility study or the commitment to adopt a formal action plan.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expenses related to compliance with environmental regulations are charged to profit or loss or capitalized, as appropriate. Capitalization is considered appropriate when the expenses refer to items that will continue to benefit the Company and that are basically related to the acquisition and installation of equipment to control and/or prevent pollution.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(u)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Research and development </FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>All these costs are recognized in the income statement when incurred, except when they meet the criteria for capitalization. Expenditures on research and development of new products for the year ended December 31, 2011 amounted to R$6,532 (R$4,314 for the year ended December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(v)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial instruments</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial assets are classified into following categories: measured at fair value through profit or loss, loans and receivables, held-to-maturity, and available-for- sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at the time of initial recognition.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets at fair value through profit or loss</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-17</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_154"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial assets at fair value through profit or loss are financial assets held for active and frequent trading. Derivatives are also categorized as held for trading and, accordingly, are classified in this category unless they have been designed as cash flow hedging instruments. Assets in this category are classified in current assets.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Loans and receivables</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This category include loans and receivables that are non-derivative financial assets with fixed or determinable payments not quoted in an active market. They are included in current assets, except those with maturity of more than 12 months after the end of the reporting period (which are classified as non-current assets). Loans and receivables include loans to associates, trade receivables and cash and cash equivalents, except short-term investments. Cash and cash equivalents are recognized at fair value. Loans and receivables are carried at amortized cost using the effective interest method.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Held-to-maturity assets</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These are basically financial assets acquired with the positive intent and ability to hold to maturity. Held-to-maturity investments are initially recognized at their value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortized cost using the effective interest method, less any impairment loss.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Available-for-sale financial assets</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" 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 non-current assets when they are strategic investments of the Company, unless Management intends to dispose of the investment within up to 12 months from the end of the reporting period. Available-for-sale financial assets are recognized at fair value.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Recognition and measurement</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Regular purchases and sales of financial assets are recognized at the trading date - the date on which the Company undertakes to buy or sell the asset. Investments are initially recognized at their fair value, plus transaction costs for all financial assets not classified as at fair value through profit or loss. Financial assets at fair value through profit or loss are initially recognized at their fair value and the transaction costs are charged to the income statement. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred, in the latter case, provided that the Company has transferred significantly all risks and rewards of ownership. Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are carried at amortized cost using the effective interest method.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains or losses resulting from changes in the fair value of financial assets at fair value through profit or loss are presented in the income statement under &#8220;finance income&#8221; in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognized in the income statement as part of other finance income when the Company&#8217;s right to receive the dividends has been established.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in the fair value of monetary securities denominated in a foreign currency and classified as available-for-sale are segregated into translation differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Exchange differences on monetary securities are recognized in profit or loss, while exchange differences on non-monetary securities are recognized in equity. Changes in the fair value of monetary and non-monetary securities classified as available-for-sale are recognized in other comprehensive income and are only recognized in profit or loss when the investment is sold or written off as a loss.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Interest on available-for-sale securities, calculated under the effective interest method, is recognized in the income statement as part of other income. Dividends from available-for-sale equity instruments, such as shares, are recognized in the income statement as part of other finance income when the Company&#8217;s right to receive payments has been established.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-18</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_155"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The fair values of publicly quoted investments are based on current purchase prices. If the market for a financial asset (and for instruments not listed on a stock exchange) is not active, the Company establishes the fair value by using valuation techniques. These techniques include the use of recent transactions contracted with third parties, reference to other instruments that are substantially similar, analysis of discounted cash flows, and pricing models that make maximum use of market inputs and relies as little as possible on entity-specific inputs.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Impairment of financial assets</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>impaired</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>.&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets measured at amortized cost</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a &#8220;loss event&#8221;) and such loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>The criteria used by CSN to determine whether there is objective evidence of an impairment loss include:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" 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: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>significant financial difficulty of the issuer or counterparty;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" 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: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>a breach of contract, such as default or delinquency in interest or principal payments;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>the issue, for economic or legal reasons relating to the borrower&#8217;s financial difficulty, grants to the borrower a concession that the lender would not otherwise consider;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" 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: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>it becoming probable that the borrower will enter bankruptcy or other financial reorganization;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" 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: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>the disappearance of an active market for that financial asset because of financial difficulties; or</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of such assets, although the decrease cannot yet be identified with the individual financial assets in the portfolio, including:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>- adverse changes in the payment status of borrowers in the portfolio;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>- national or local economic conditions that correlate with defaults on the assets in the portfolio.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>The amount of the loss is measured as the difference between the carrying amount of the asset and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the original effective interest rate of the financial asset. The carrying amount of the asset is reduced and the amount of the loss is recognized in the income statement. If a loan or held-to-maturity investment has a variable interest rate, the discount rate to measure an impairment loss is the current effective interest rate determined pursuant to the contract. As a practical expedient, the Company may measure impairment on the basis of an instrument&#8217;s fair value using an observable market price.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor&#8217;s credit rating), the previously recognized impairment loss is reversed and recognized in the consolidated income statement.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets classified as available-for-sale</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-19</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_156></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">
<FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>In the case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of an investment in an equity instrument below its cost is also objective evidence of impairment.</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Determining what is considered a </FONT>
&#8220;significant&#8221; or &#8220;prolonged&#8221; decline requires judgment. For this judgment we assess, among other factors, the historical changes in the equity prices, the duration and proportion in which the fair value of the investment is lower than its cost, and the financial health and short-term prospects of the business for the investee, including factors such as: industry and segment performance, changes in technology, and operating and financial cash flows. </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>If there is any of this evidence of impairment of available-for-sale financial assets, the cumulative loss&#8212;measured as the difference between the acquisition cost and the current fair value, less any impairment loss on the financial asset previously recorded in profit or loss&#8212;is reclassified from equity and recognized in the income statement. If, in a subsequent period, the fair value of a debt instrument classified as available-for-sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in profit or loss, the impairment loss is reversed through the income statement.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>CSN tested for impairment its available-for-sale investment in Usiminas shares (see note 15).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial liabilities</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>Financial liabilities are classified into the following categories: measured at fair value through profit or loss and other financial liabilities. Management determines the classification of its financial liabilities at the time of initial recognition.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial liabilities at fair value through profit or loss</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>Financial liabilities at fair value through profit or loss are financial liabilities held for trading or designated as at fair value through profit or loss.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>Derivatives are also classified as trading securities, unless they have been designated as effective hedging instruments.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other financial liabilities</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>Other financial liabilities are measured at amortized cost using the effective interest method.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>The Company holds the following non-derivative financial liabilities: borrowings, financing and debentures, and trade payables.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Offsetting financial instruments</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to set off recognized amounts and the intention to either settle them on a net basis or to realize the asset and settle the liability simultaneously.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iv)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Derivative instruments and hedging activities</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Derivatives measured at fair value through profit or loss</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are immediately recognized in the income statement under &#8220;Other gains (losses), net&#8221;. </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Even though the Company uses derivatives for hedging purposes, it does not apply hedge accounting.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Foreign exchange gains or losses on foreign operations</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Any gain or loss on the instrument related to the effective portion is recognized in equity. The gain or loss related to the ineffective portion is immediately recognized in the income statement under &#8220;Other gains (losses), net&#8221;.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains and losses accumulated in equity are included in the income statement when the foreign operation is partially disposed of or sold.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-20</P>

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&nbsp; <A name="page_157"></A>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(w)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Segment information</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>An operating segment is a component of the Group committed to the business activities from which it can obtain revenues and incur expenses, including revenues and expenses related to transactions with any other components of the Group. All the operating results of operating segments are reviewed regularly by the Executive Officers of CSN to make decisions regarding funds to be allocated to the segment and assessment of its performance, and for which there is distinct financial information available (see Note 27).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(x)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Government grants</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Government grants are not recognized until there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received, when they will be recognized in profit or loss on a systematic basis over the periods in which the Company recognizes as expenses the related costs the grants are intended to compensate.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 25.5pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company has state tax incentives in the North and Northeast regions that are recognized in profit or loss as a reduction of the corresponding costs, expenses and taxes.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(y)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>New standards and interpretations issued and not yet adopted</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Several standards, amendments and IFRS interpretations issued by the IASB have not yet become effective for the year ended December 31, 2011, as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Standard</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Description</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 0pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Effective date</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Amendments to IFRS 7</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Disclosures &#8211; Transfers of Financial Assets</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>July 1, 2011</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IFRS 9</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Financial Instruments</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IFRS 10</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Consolidated Financial Statements</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IFRS 11</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Joint Arrangements</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IFRS 12</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Disclosure of Interests in Other Entities</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IFRS 13</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Fair Value Measurement</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Amendments to IAS 1</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Presentation of Items of Other Comprehensive Income</FONT></P></TD>

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   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>July 1, 2012</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Amendments to IAS 12</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="50%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Deferred Taxes - Recovery of Underlying Assets</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2012</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IAS 19 (revised in 2011)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="50%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Employee Benefits</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IAS 27 (revised in 2011)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="50%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Separate Financial Statements</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IAS 28 (revised in 2011)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="50%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Investments in Associates and Joint Ventures</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IFRIC 20</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="50%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Stripping Costs in the Production Phase of a Surface Mine</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>These standards, amendments and interpretations are effective for annual reporting periods beginning on or after 2012 and 2013 and were not used in preparing these financial statements. No material impact of these new Standards on the Group&#8217;s financial statements are expected, except for IFRS 9 </FONT><I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Financial Instruments</FONT></I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>, which can change the classification and measurement of the financial assets held by the Group, IFRIC 20 </FONT><I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Shipping Costs in the Production Phase of a Surface Mine</FONT></I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>, which can impact the accounting of waste stripping in non-current assets, and IFRS 10, IFRS 11 and IFRS 12, which can impact the entities currently consolidated and/or proportionately consolidated by the Group. The Company does not expect to early adopt this standard and its impact has not yet been measured. </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>BUSINESS COMBINATION</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-21</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_158"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On July 12, 2011, CSN conducted, through its wholly-owned subsidiary &#8220;Prada&#8221;, a capital increase in Companhia Brasileira de Latas (&#8220;CBL&#8221;) through the capitalization of receivables. As a result, the Company became the holder of CBL&#8217;s control, with an equity interest equivalent to 59.17% of its voting capital, represented by 784,055,451 common shares (&#8220;Acquisition&#8221;).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The acquisition of CBL&#8217;s control will generate operating and administrative synergies that will result in a decrease in production costs, logistics costs, and administrative costs.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As mentioned in Note 2(i), the acquisition method was used to account for identifiable assets acquired, liabilities assumed, and non-controlling interests. Non-controlling interests in CBL equivalent to 40.83% were proportionately determined, based on the fair value of identifiable assets acquired and liabilities assumed.</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> Some of the non-controlling shareholders are in the corporate structure of CSN&#8217;s parent group.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The purchase price of R$43,316 was allocated between identified assets acquired and liabilities assumed, measured at fair value. In the asset and liability identification process were considered the intangible assets that were not recognized in the acquirees&#8217; books.</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> The transaction costs are represented by consulting services and lawyers&#8217; fees totaling R$485, which have been allocated to profit or loss as incurred.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The tables below show the allocation of identifiable assets acquired and liabilities assumed recognized at the acquisition date, the purchase price considered on the acquisition of CBL&#8217;s control, and the calculation of the resulting goodwill.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Assets acquired and liabilities assumed</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Carrying</B></FONT><BR><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>amounts</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Adjustments to</B></FONT><BR><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>fair value</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total fair value</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current assets</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>62,182</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,465)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,717</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current assets (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,718</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>89,449</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134,167</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current liabilities</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(144,225)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,522</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(133,703)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current liabilities (**)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(567,469)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>351,035</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(216,434)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total assets acquired and liabilities assumed</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(604,794)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>443,541</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(161,253)</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Comprising mainly the fair value adjustment to property, plant and equipment amounting to R$90,572. Total fair value of property, plant and equipment was measured at R$123,518.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(**) Comprising mainly the fair value adjustment to receivables from CSN amounting </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>to R$388,640.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The fair value adjustments made based on the corporate balance sheet to prepare the opening balance sheet were adjusted after the completion of the valuation report in December 2011.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;</FONT></B></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="85%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="85%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Goodwill arising on acquisition</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(-) Book value of CBL</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(604,794)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(+) Fair value adjustments to assets acquired and liabilities assumed</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>443,541</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="85%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(=) Total fair value of assets acquired and liabilities assumed</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(161,253)</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="85%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp; </B></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="85%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Purchase price considered</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>43,316</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="85%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp; </B></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp; </B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="85%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(=) Goodwill arising on acquisition</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>204,569</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Goodwill arising on the acquisition comprises mainly the expected synergies generated by the business combination of Prada Embalagens with CBL, as described in note 13.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The business combination with Companhia Brasileira de Latas, which took place on July 12, 2011, is under review of Conselho Administrativo de Defesa Econ&#244;mica, or CADE, (Brazilian antitrust agency).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-22</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_159"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>RELATED-PARTY BALANCES AND TRANSACTIONS</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions with Holding Company</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Vicunha Siderurgia S.A. is a holding company set up for the purpose of holding equity interests in other companies and is the Company&#8217;s main shareholder, with 47.86% of the voting shares.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 27, 2010, Rio IACO acquired 58,193,503 shares of Caixa Beneficente dos Empregados da CSN (&#8220;CBS&#8221;) and currently holds 3.99% of CSN&#8217;s issued capital, and became part of the control group.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liabilities&nbsp;</FONT></B></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="27%" colSpan=3 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Paid</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companies</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mandatory minimum</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>dividend</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proposed additional</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>dividend</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proposed interest on</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>capital</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest on</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>capital</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vicunha Siderurgia</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>443,386</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>130,881</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>574,267</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>717,835</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>170,746</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rio Iaco</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,981</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,916</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left>&nbsp; </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>47,897</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,871</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,241</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total at 12/31/2011</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>480,367</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>141,797</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>622,164</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>777,706</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>184,987</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total at 12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>141,174</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>636,509</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>184,985</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>962,668</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>717,834</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>33,499</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Vicunha Siderurgia&#8217;s corporate structure is as follows (unaudited information):</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>Vicunha A&#231;os S.A. &#8211; holds 99.99% of Vicunha Siderurgia S.A.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Vicunha Steel S.A. &#8211; holds 66.96% of Vicunha A&#231;os S.A.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>National Steel S.A. &#8211; holds 33.04% of Vicunha A&#231;os S.A.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CFL Participa&#231;&#245;es S.A. &#8211; holds 40% of National Steel S.A. and 39.99% of Vicunha Steel S.A.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Rio Purus Participa&#231;&#245;es S.A. &#8211; holds 60% of National Steel S.A., 59.99% of Vicunha Steel S.A. and 99.99% of Rio Iaco Participa&#231;&#245;es S.A.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions with jointly controlled entities</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s strategic areas of mining, logistics and energy maintain equity interests in companies under joint control. The characteristics, objectives and transactions with these companies are as follows. The consolidated information is presented according to the criteria set out in note 2.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets&nbsp;</FONT></B></P>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="24%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="24%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="24%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="25%" align=center>&nbsp;<FONT size=1 face=Arial><B>Companies</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="24%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Trade</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>receivables</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="24%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Intercompany</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>loan (*)</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="24%" align=center>&nbsp;<FONT size=1 face=Arial><B>Total</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nacional Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="24%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,338</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="24%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="24%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,338</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>403</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>403</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="25%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total at 12/31/2011</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="24%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>31,741</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="24%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="24%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>31,741</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total at 12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>19,115</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>496,438</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>515,552</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) In 2011 total payments of Nacional Min&#233;rios S.A. to CSN amounted to R$1,278,457 (loan non-consolidated corresponds to R$ 511,382) of which R$53,800 was paid in January related to interest and R$1,224,657 in April related to early settlement as provided for in the related agreement.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liabilities&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-23</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_160"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="22%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="19%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="19%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=9 align=center><FONT size=1 face=Arial><B>&nbsp; </B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=center>&nbsp;<FONT size=1 face=Arial><B>Companies</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=center><FONT size=1 face=Arial><B>Advances from</B></FONT><FONT size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial><B>customers</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center>&nbsp;<FONT size=1 face=Arial><B>Trade payables</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=center>&nbsp;<FONT size=1 face=Arial><B>Other payables</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center>&nbsp;<FONT size=1 face=Arial><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="22%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nacional Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="19%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,270,663</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="18%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="19%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,404</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,273,067</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=right>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 12px" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,085</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,562</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,647</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="22%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total at 12/31/2011</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="19%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,270,663</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 12px" bgColor=#f2f2f2 width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,085</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="19%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,966</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,286,714</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total at 12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,169,817</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 12px" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,369</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,725</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,183,911</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Nacional Min&#233;rios: The advance from customers received from jointly controlled entity Nacional Min&#233;rios S.A. refers to the contractual obligation for supply of iron ore and port services. The agreement is subject to interest rate of 12.5% p.a. and expires in September 2042.&nbsp; </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS Log&#237;stica: We have recorded in other payables the amount accrued to cover contractual expenses for take or pay and block rates relating to the railroad transportation agreement.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit or loss</FONT></B></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="22%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle rowSpan=3 width="22%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companies</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="38%" colSpan=5 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Revenues</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="38%" colSpan=5 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Expenses</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="12%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Sales</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="12%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Interest</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="12%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="12%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Purchases</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="12%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Interest</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="12%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="22%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nacional Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>378,020</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,965</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>394,985</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,296</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>385,622</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>391,918</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>279,545</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>279,545</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="22%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,267</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,267</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total at 12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>378,020</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,965</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>394,985</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>314,108</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>385,622</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>699,730</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="22%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total at 12/31/2010</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>277,751</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>45,977</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>323,729</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>336,623</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>373,606</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>710,229</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The main transactions carried out by the Company with its jointly controlled entities are sales and purchases of products and services, which include the supply of iron ore, the provision of port services and railroad transportation, as well as the supply of electric power for operations.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c) Other related parties</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CBS Previd&#234;ncia</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is the main sponsor of this non-profit entity established in July 1960, primarily engaged in the payment of benefits that supplement the official government Social Security benefits to participants. In its capacity as sponsor, CSN carries out transactions involving the payment of contributions and recognition of actuarial liabilities calculated in defined benefit plans, as detailed in Note 29.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Funda&#231;&#227;o CSN</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company develops socially responsible policies concentrated today in Funda&#231;&#227;o CSN, of which it is the sponsor. The transactions between the parties relate to the operating and financial support for Funda&#231;&#227;o CSN to carry out the social projects undertaken mainly in the locations where the Company operates.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Banco Fibra</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Banco Fibra is under the control structure of Vicunha Siderurgia and the financial transactions carried out with this bank are limited to current account operations and investments in fixed-income securities.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os is under the control of a Board member of the Company.</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-24</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_161"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The balances and transactions between the Company and these entities are as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Companhia de G&#225;s do Cear&#225;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>A natural gas distributor under the control structure of Vicunha Siderurgia.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i) Assets and liabilities</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle rowSpan=3 width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companies</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="42%" colSpan=5 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Assets</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="42%" colSpan=5 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liabilities</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Banks/Short-term</B></FONT><BR><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>investments</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Trade</B></FONT><BR><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>receivables</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Actuarial</B></FONT><BR><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>liabilities</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Trade payables</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CBS Previd&#234;ncia (Note 29)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,673</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,673</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Funda&#231;&#227;o CSN</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,504</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,504</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>321</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>321</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco Fibra</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;<FONT size=1 face=Arial>72</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Usiminas (Note 11)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,509</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,509</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>170</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>170</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="14%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Panatl&#226;ntica (Note 11)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,858</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,858</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia de G&#225;s do Cear&#225;</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total at 12/31/2011</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right>&nbsp;<FONT size=1 face=Arial><B>72</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>54,871</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>54,943</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>11,673</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>531</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12,204</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total at 12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>&nbsp;<FONT size=1 face=Arial><B>86</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25,881</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25,967</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,133</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,133</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii) Profit or loss</FONT></B></P>

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="30%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle rowSpan=3 width="30%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companies</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="27%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Revenues</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="41%" colSpan=5 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Expenses</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Sales / Interest</B></FONT><BR><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>income</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Pension fund</B></FONT><BR><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>expenses</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Purchases/</B></FONT><BR><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other</B></FONT><BR><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>expenses</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CBS Previd&#234;ncia (Note 29)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,595</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,595</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Funda&#231;&#227;o CSN</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,650</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco Fibra</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Usiminas (Note 11)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>310,479</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>310,479</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,971</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,971</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Panatl&#226;ntica (Note 11)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>264,653</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>264,653</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,961</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,961</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia de G&#225;s do Cear&#225;</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,570</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,570</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total at 12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>575,167</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>575,167</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>51,595</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>22,152</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>73,747</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total at 12/31/2010</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>413,401</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>413,401</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>82,041</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>58,651</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>140,692</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>d) Key management personnel</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The key management personnel, who have authority and responsibility for planning, directing and controlling the Company&#8217;s activities, include the members of the Board of Directors and the executive officers. The following is information on the compensation of such personnel and the related balances as of December 31, 2011.</FONT></P>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>P&amp;L</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>P&amp;L</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Short-term benefits for employees and officers</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,728</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,881</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Post-employment benefits</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>81</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other long-term benefits</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Severance benefits</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Share-based compensation</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>23,819</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>17,962</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a &#8211; not applicable</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>

<P style="TEXT-ALIGN: center">FS-25</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_162"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>e) Policy on investments and payment of dividends and interest on capital</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>At a meeting held on December 11, 2000, the Board of Directors decided to adopt a profit distribution policy which, after compliance with the provisions contained in 6404/76, as amended by Law 9457/97, will entail the distribution of all the profit to the Company&#8217;s shareholders, provided that the following priorities are preserved, irrespective of their order: (i)&nbsp;carrying out the business strategy; (ii)&nbsp;fulfilling its obligations; (iii)&nbsp;making the required investments; and (iv)&nbsp;maintaining a healthy financial situation of the Company.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>5.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CASH AND CASH EQUIVALENTS</FONT></B></P>

<TABLE style="WIDTH: 70%" border=0 cellSpacing=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash and cash equivalents</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash and banks</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>101,360</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>156,580</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="70%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Short-term investments</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>In Brazil:</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Government bonds</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>646,594</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>477,529</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="70%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Private securities and debentures (*)</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,017,019</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,134,364</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,663,613</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,611,893</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Abroad:</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Time deposits</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,652,420</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,470,805</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total short-term investments</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,316,033</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,082,698</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash and cash equivalents</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,417,393</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,239,278</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The funds available in the Company and subsidiaries set up in Brazil are basically invested in exclusive investment funds, with repurchase agreements backed by Brazilian government bonds with immediate liquidity. In addition, a significant part of the funds of the Company and its foreign subsidiaries is invested in time deposits with leading banks.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The exclusive funds managed by BTG Pactual Servi&#231;os Financeiros S.A. DTVM and their assets collateralize possible losses on investments and transactions carried out. The funds&#8217; unit holders also guarantee the funds&#8217; equity in the event of losses arising from changes in interest and exchange rates, or other financial assets.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -17pt; MARGIN: 0cm 0cm 0pt 17pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*)&nbsp;&nbsp; Private securities: short&#8211;term investments amounting to R$1,952,274 as of December 31, 2011 (R$2,079,549 as of December 31, 2010) backed by Bank Certificates of Deposit, which yield pegged to the Interbank Certificates of Deposit rate (CDI).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -17pt; MARGIN: 0cm 0cm 0pt 17pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Debentures: investments amounting to R$64,745 as of December 31, 2011 (R$54,815 as of December 31, 2010), of jointly controlled entity MRS, which yield pegged to the Interbank Certificates of Deposit rate (CDI), in securities issued by the following banks: Santander, Votorantim, Safra, Ita&#250; BBA and Bradesco.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>6.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TRADE RECEIVABLES</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-26</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_163"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 70%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Trade receivables</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Third parties</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>982,129</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>846,507</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>701,807</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>530,356</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Allowance for doubtful debts</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(124,939)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(117,402)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,558,997</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,259,461</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Related parties (Note 4 - b)</B></FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,558,997</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,259,461</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other receivables</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Receivables from subsidiaries and jointly controlled entities</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,557</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,318</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,652</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>57,209</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>108,298</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,616,206</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,367,759</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In order to meet the needs of some customers in the domestic market, related to the extension of the payment term for billing of steel, in common agreement with CSN&#8217;s internal commercial policy and maintenance of its very short-term receipts (up to 14 days), at the request of the customer, transactions are carried out for assignment of receivables without co-obligation negotiated between the customer and banks with common relationship, where CSN assigns the trade notes/bills that it issues to the banks with common relationship.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Due to the characteristics of the transactions for assignment of receivables without co-obligation, after assignment of the customer&#8217;s trade notes/bills and receipt of the funds from the closing of each transaction, CSN settles the trade receivables and becomes entirely free of the credit risk on the transaction.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This transaction totals R$262,367 as of December 31, 2011 (R$247,680 as of December 31, 2010), less the trade receivables.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The changes in the Company&#8217;s allowance for doubtful debts are as follows:</FONT></P>

<TABLE style="WIDTH: 60%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Opening balance</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(117,402)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(164,077)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Allowance for losses on trade receivables</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20,005)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,439)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Recovery (reversal) of receivables</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,468</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,114</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Closing balance</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(124,939)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(117,402)</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>7.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVENTORIES&nbsp;</FONT></B></P>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Finished products</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>997,128</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,015,534</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Work in process</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>776,918</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>588,668</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Raw materials</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>847,598</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>638,857</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Storeroom supplies</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>897,940</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>800,090</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Iron ore</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>215,400</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>312,637</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,734,984</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,355,786</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Changes in the allowance for inventory losses are as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-27</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_164"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 60%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Opening balance</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(64,115)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50,306)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Allowance for obsolete or slow-moving inventories</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19,030)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,809)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Closing balance</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(83,145)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(64,115)</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Allowances for certain items considered obsolete or slow-moving were recognized.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> of</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> December 31, 2011, the Company has long-term iron ore inventories amounting to R$144,483, classified in other non-current assets (R$130,341 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>8.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER CURRENT ASSETS</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The group of other current assets is comprised as follows:</FONT></P>

<TABLE style="WIDTH: 60%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepaid taxes</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>104,733</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>89,596</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guarantee margin on financial instruments (Note 15 V)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>407,467</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,485</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrealized gains on derivatives (Note 15)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,115</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepaid expenses</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,135</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,997</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>591,450</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>357,078</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>9.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INCOME TAX AND SOCIAL CONTRIBUTION</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution recognized in profit or loss:</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The income tax and social contribution recognized in profit or loss for the year are as follows:</FONT></P>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Income tax and social contribution income (expenses)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(136,427)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(363,429)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52,542</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(207,268)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(83,885)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(570,697)</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The reconciliation of income tax and social contribution expenses and income and the result from applying the effective rate on profit before income tax (IRPJ) and social contribution (CSLL) are as follows:</FONT></P>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Profit before income tax and social contribution</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,751,119</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,086,888</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax rate</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Income tax and social contribution at combined statutory rate</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,275,380)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,049,542)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Adjustment to reflect effective rate:</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest on capital benefit</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>121,312</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income subject to special tax rates or untaxed</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,279,431</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>216,529</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax incentives</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,134</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,824</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjustments arising from Law 11941 and MP 470 installment plans</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,060)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>106,216</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sale of nondeductible securities</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(189,946)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax and social contribution credits</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,434</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other permanent deductions (additions)</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>502</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>964</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Income tax and social contribution in profit (loss) for the period</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(83,885)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(570,697)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Effective rate</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2%</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>18%</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-28</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_165"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Deferred income tax and social contribution:</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The deferred income tax and social contribution are calculated on tax losses of income tax, the negative social contribution basis and related temporary differences between the tax bases of assets and liabilities and the accounting balances of the financial statements.</FONT></P>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Deferred tax assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax loss carryforwards</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>425,406</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,944</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Social contribution loss carryforwards</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>157,858</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,871</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Temporary differences</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,257,509</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,586,126</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for contingencies</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>211,835</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>240,753</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Allowance for asset impairment losses</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,930</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,915</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Allowance for inventory losses</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,814</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,012</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Allowance for gains/losses on financial instruments</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>253,985</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>183,169</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Accrued pension plan payments</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>144,066</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,033</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Accrued interest on capital</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>74</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>121,351</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Allowance for long-term sales</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,221</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,221</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Accrued supplies and services</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,445</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,828</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Allowance for doubtful debts</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45,342</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>145,390</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Goodwill on acquisition</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>371,153</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>599,730</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Other</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,644</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,726</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current assets</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,840,773</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,592,941</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Deferred tax liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Adjustment to PP&amp;E useful lives (Law 11638/07)</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,776</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Other (*)</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>75</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current liabilities</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>37,851</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Related to a sole jurisdiction, thus presented at net amounts.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Some subsidiaries of CSN recognized tax credits on income tax and social contribution tax loss carryforwards not subject to statute of limitations and based on the history of profitability and expected future taxable profits determined in technical studies approved by Management.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In July 2010, the Company joined the REFIS (tax debt refinancing program) and elected to offset part of the balance of </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>income tax and social contribution loss carryforwards </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>as of December 31, 2009 recognized in part B of the LALUR (taxable income computation book), amounting to R$110,192 and R$39,669, respectively, against the four last installments of the tax refinancing plan, consisting of debts enrolled under Provisional Measure 470/09 and payable in 12 installments, as prescribed by relevant </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>legislation.&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Since they are subject to significant factors that may change the projections for realization, the carrying amounts of deferred tax assets are reviewed quarterly and projections are reviewed annually. These studies indicate the realization of these tax assets within the term stipulated by the mentioned instruction and the limit of 30% of the taxable profit.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Certain CSN subsidiaries have tax assets amounting to R</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>$536.886 and R$167.504, related to income tax and social contribution loss carryforwards, for which no deferred taxes were set up, off which R$54 expires in 2012, R$9,726 in 2013, R$696 in 2014, R$27,976 in 2015, R$15 in 2016, R$46 in 2017 and R$44.138 in 2025. The remaining tax assets refer to domestic companies and, therefore, are not subject to statute of limitations.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The tax benefit of goodwill of Nacional Min&#233;rios S.A., which arose on the merger of Big Jump in July 2009, amounted to R$1,391,858.Up to December 2011 a total amount of R$672,732 (R$394,360 up to 2010) had been realized, leaving a </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>remaining amount of R$719,126, which will be realized through 2014. In 2012 and 2013, this realization will be R$278,372 per year and in the last year, 2014, the benefit will be R$162,382.</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-29</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_166"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">
<FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The undistributed profits of the Company&#8217;s foreign subsidiaries have been invested and will continue to be indefinitely invested in their operations. These undistributed profits of the Company&#8217;s foreign subsidiaries amounted to R$8,033,902 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>as of </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>December 31, 2011 (R$2,434,537 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(c)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution recognized in equity</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The income tax and social contribution recognized directly in equity are as follows:</FONT></P>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Income tax and social contribution (losses)/gains</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gain/(loss) on defined benefit pension plan</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>163,931</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,065</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Changes in the fair value on available-for-sale financial assets</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>241,484</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>75,522</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>

   <P style="MARGIN-LEFT: 1%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Exchange variation on foreign operations</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>425,510</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>433,297</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(d)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Tax incentives</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company enjoys Income Tax incentives based on the legislation in effect, such as: Worker Food Program, the Rouanet Law (tax incentives related to cultural activities), Tax Incentives for Audiovisual Activities, and Funds for the Rights of Children and Adolescents. As of December 31, 2011, these tax incentives total R$1,914 (R$8,160 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>10.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER NON-CURRENT ASSETS</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The group of other non-current assets is comprised as follows:</FONT></P>

<TABLE style="WIDTH: 70%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Judicial deposits (Note 19)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,760,814</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,774,706</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Recoverable taxes (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>257,977</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>247,910</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepaid expenses</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>115,853</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>115,755</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrealized gains on derivatives (Note 15)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>376,344</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,231</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Iron ore inventories</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>144,483</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>130,341</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT color=#333333 size=1 face=ArialMT,Arial,Helvetica,sans-serif>Northeast Investment Fund - FINOR</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47,754</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT color=#333333 size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>163,001</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153,137</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,866,226</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,676,080</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Refers mainly to taxes on revenue (PIS/COFINS) and State VAT (ICMS) on the acquisition of fixed assets which will be recovered over a 48-month period. </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>11.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVESTMENTS&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other Investments</FONT></B></P>

<TABLE style="WIDTH: 75%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Riversdale Mining</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.061.961</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Panatl&#226;ntica</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12.030</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Usiminas</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.077.277</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.020.350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.082)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.513</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total Investments</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2.088.225</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2.103.624</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-30</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_167"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>RIVERSDALE MINING LIMITED - Riversdale</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black 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 sold 100% of its equity interest held in Riversdale&#8217;s share capital, corresponding to 47,291,891 shares at the price of A$16.50 per share, totaling </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>A$780,316.&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PANATL&#194;NTICA&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" 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, engaged in the manufacturing, trade, import, export and processing of steel and ferrous or non-ferrous metals, coated or not. This investment is carried at fair value</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>USIMINAS&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; USIMINAS, headquartered in Belo&nbsp;Horizonte, State of Minas Gerais, is engaged in steel and related operations. USIMINAS produces flat rolled steel in the Intendente C&#226;mara and Jos&#233; Bonif&#225;cio de Andrada e Silva plants, located in Ipatinga, Minas Gerais, and Cubat&#227;o, S&#227;o Paulo, respectively, to be sold in the domestic market and also for exports, and it also exploits iron ore mines located in Ita&#250;na, Minas Gerais, to meet its verticalization and production cost optimization strategies. USIMINAS also has service and distribution centers located in several regions of Brazil, and the Cubat&#227;o, S&#227;o Paulo, and Praia Mole, Esp&#237;rito Santo, ports, as well as in locations strategic for the shipment of its production.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2011, the Company reached holdings of 11.97% in common shares and 20.14% in preferred shares of Usiminas&#8217; share capital.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>USIMINAS is listed on the S&#227;o Paulo Stock Exchange (&#8220;Bovespa&#8221;: USIM3 and USIM5).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 18pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Investments in jointly controlled entities</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The balances of the balance sheets and income statements of the companies under shared control are stated below and have been consolidated into the Company&#8217;s financial statements according to the percentage equity interests described in item (b) of Note 2.</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="34%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=5 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=5 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Nacional</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>MRS</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>It&#225;</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Nacional</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>MRS</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>It&#225;</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Min&#233;rios (*)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Log&#237;stica</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Energ&#233;tica</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Min&#233;rios (*)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Log&#237;stica</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Energ&#233;tica</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current assets</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,155,543</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>917,291</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>81,729</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,937,574</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,034,466</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>82,817</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current assets</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,526,804</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,625,495</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>719,606</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,519,584</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,769,877</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>769,422</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f8f8f8 width="34%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Long-term receivables</FONT>&nbsp;</P></TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,422,434</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>336,439</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,239</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,570,421</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>476,757</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="34%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments, PP&amp;E and intangible assets</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,104,370</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,289,056</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>675,367</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>949,163</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,293,120</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>720,572</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="34%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>13,682,347</B></FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,542,786</B></FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>801,335</B></FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>13,457,158</B></FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,804,343</B></FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>852,239</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current liabilities</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,260,068</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,108,938</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,175</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,273,436</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,015,234</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>115,454</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current liabilities</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>307,352</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,134,906</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>62,637</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,455,604</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,769,261</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>139,870</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total equity</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,114,927</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,298,942</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>638,523</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,728,118</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,019,848</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>596,915</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total liabilities and equity</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>13,682,347</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,542,786</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>801,335</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>13,457,158</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,804,343</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>852,239</B></FONT>&nbsp;</TD></TR></TABLE>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR height=20>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=5 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=5 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Nacional</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>It&#225;</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Nacional</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>It&#225;</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Min&#233;rios (*)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>MRS Log&#237;stica</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Energ&#233;tica</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Min&#233;rios (*)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>MRS Log&#237;stica</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Energ&#233;tica</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net operating revenue</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,766,712</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,862,337</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>242,913</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,937,169</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,247,101</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>222,594</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="34%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>C<FONT size=1 face=Arial>o</FONT>st of sales and services</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,646,011)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,732,552)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(81,692)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,109,067)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,326,655)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(76,600)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gross profit</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,120,701</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,129,785</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>161,221</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,828,102</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>920,446</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>145,994</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="34%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Operating (expenses) income</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(634,475)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(199,754)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(66,223)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(476,621)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(306,668)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(52,422)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="34%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Finance income (costs), net</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,016,743</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(134,272)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,327)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,016,778</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,243</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,890)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>

   <P style="MARGIN-LEFT: 0%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Profit before income tax and social contribution</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,502,969</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>795,759</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>82,671</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,368,259</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>652,021</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,682</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="34%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current and deferred income tax and social contribution</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(429,226)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(272,714)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28,103)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(412,989)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(216,451)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,724)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Profit for the period</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,073,743</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>523,045</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>54,568</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,955,270</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>435,570</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>45,958</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-31</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_168"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Refer to the consolidated balances and profit or loss of Nacional Min&#233;rios S. A.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>NACIONAL MIN&#201;RIOS &#8211; NAMISA</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Headquartered in Congonhas, State of Minas Gerais, this company is primarily engaged in the production, purchase and sale of iron ore and is mainly focused on foreign markets for sale of its products. Its major operations are carried out in the cities of Congonhas, Ouro Preto, Itabirito and Rio Acima, in the State of Minas Gerais, and in Itagua&#237;, in the State of Rio de Janeiro.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In December 2008 CSN sold 2,271,825 shares of the voting capital of Nacional Min&#233;rios S.A. to the company Big Jump Energy Participa&#231;&#245;es S.A.(Big Jump), the shareholders of which are the companies Posco and Brazil Japan Iron Ore Corp (Itochu Corporation, JFE Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel Ltd., Nisshin Steel Co. Ltd., Nippon Steel). Subsequent to this sale, Big Jump subscribed to new shares, paying up in cash the total amount of US$3,041,473 thousand, corresponding to R$7,286,154, of which R$6,707,886 was recognized as goodwill on the share subscription.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Due to the new corporate structure of the jointly controlled entity, where Big Jump holds 40% and CSN 60%, and in view of the shareholders&#8217; agreement signed by the parties, CSN consolidates it proportionately.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Such shareholders&#8217; agreement prescribes that certain situations of severe impasse between the shareholders that are not resolved after mediation and negotiation procedures between the executive officers of the parties may give CSN the right to exercise its call option and Big Jump the right to exercise its put option regarding the equity interest held by Big Jump in Namisa.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other agreements signed, in order to make such association feasible, among them the agreement for purchase of shares and the long-term operating agreements between Namisa and CSN, provide for certain obligations to do that, if not complied with or remedied within the stipulated deadlines in certain extreme situations may give rise to the right on the part of the aggrieved party to exercise its put or call option, as the case may be, with respect to the equity interest held by Big Jump in Namisa.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Further to the process of restructuring Namisa, on July 30, 2009 this jointly controlled entity merged its parent Big Jump Energy Participa&#231;&#245;es S.A., such that Posco and Brazil Japan Iron Corp. began holding a direct interest in Namisa. There was no change in the equity interest held by CSN as a result of this merger transaction.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In July and November 2011, respectively, Nippon Steel and Sumitomo Metal Industries, until then members of the BJIOC consortium, sold their interests to the other members and, with the entry of the new shareholder China Steel Corp. (CSC), the new corporate structure of Namisa started to be as follows: CSN 60%, BJIOC 32.52%, Posco 6.48% and CSC 1%.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS LOG&#205;STICA</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This subsidiary is engaged in providing public railroad freight transportation services, on the basis of an onerous concession agreement, on the tracks of the Southeast Network, located between the cities of Rio de Janeiro, S&#227;o Paulo and Belo Horizonte, previously belonging to Rede Ferrovi&#225;ria Federal S.A.- RFFSA, which was privatized on September 20, 1996. In 2008 CSN transferred to Namisa in the form of a capital contribution a 10% equity interest of MRS, decreasing its direct interest from 32.93% to 22.93%. Thus, CSN still holds indirect interests of 6%, through its subsidiary Nacional Min&#233;rios S.A.&#8211; Namisa, a proportionately consolidated entity.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In 2010 CSN held an indirect interest of 4.34% through its subsidiary International Investment Fund (IIF). On December 23, 2011 IIF distributed dividends to CSN, paid with the transfer of MRS shares to CSN.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011, the Company held a direct interest of 27.27%.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-32</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_169"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>MRS can also engage in modal transportation services related to railroad transportation and also participate in projects aimed at expanding the railroad services granted on a concession basis.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For provision of the services covered by the concession agreement obtained for a period of 30 years starting on December 1, 1996, extendable for an equal period by exclusive decision of the concession grantor, MRS leased from RFFSA for the same concession period the assets required for operation and maintenance of the railroad freight transportation activities. Upon extinction of the concession, all leased assets will be transferred to the ownership of the railroad transportation operator designated in that same act.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>IT&#193; ENERG&#201;TICA S.A. - ITASA</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN holds 48.75% of the subscribed capital and all the common shares issued by Itasa, a special purpose company originally created to carry out the construction of the It&#225; hydroelectric power plant: contracting for the supply of goods and services necessary to carry out the project and raising funds, including posting the corresponding guarantees.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Itasa has a 60.5% stake in Cons&#243;rcio It&#225;, which was created to operate the It&#225; hydroelectric power plant, pursuant to the concession agreement of December 28, 1995 and its 1st amendment, dated July 31, 2000, signed between the members of the consortium (Itasa and Centrais Geradoras do Sul do Brasil - Gerasul, formerly named Tractebel Energia S.A.), granted by the federal government through the Ag&#234;ncia Nacional de Energia El&#233;trica, or ANEEL (National Electric Power Agency), which expires in October 2030.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Under the terms of the concession agreement, ITASA has the right to 60.5% of an average of 668 MW, the quantity corresponding to the project energy prorated among the consortium members, with the other consortium member Tractebel Energia S.A.(&#8216;Tractebel&#8221;) being entitled to the remaining 39.5%.Of the average of 404.14 MW to which this subsidiary is entitled, an average of 342.95 MW is sold to its shareholders in proportion to their equity interest in the company, and an average of 61.19 MW is sold to consortium member Tractebel.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>CONS&#211;RCIO DA USINA HIDREL&#201;TRICA DE IGARAPAVA</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Igarapava Hydroelectric Power Plant is located in Rio Grande, which is located 400 kilometers from Belo Horizonte and 450 kilometers from S&#227;o Paulo, with installed capacity of 210 MW. It consists of 5 bulb type generating units and is considered a major mark for power generation in Brazil.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Igarapava stands out for being the first hydroelectric power plant built through a consortium involving five major companies.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN holds 17.92% of the subscribed capital of the consortium, whose specific purpose is the distribution of electric power, which is made according to the percentage equity interest of each company.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The balance of property, plant and equipment less depreciation as of December 31, 2011 is R$31,751 (R$32,919 as of December 31, 2010) and the amount of the expense attributable to CSN is R$6,366 (R$7,333 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>COMPANHIA BRASILEIRA DE SERVI&#199;OS DE INFRAESTRUTURA</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In December 2011, CSN subscribed to 1,876,146 common shares, corresponding to 50% of the capital of CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura (&#8220;CBSI&#8221;). The investment is the result of a joint venture between CSN and CKLS Servi&#231;os Ltda. based in the city of Arauc&#225;ria, PR. CBSI is primarily engaged in providing services to subsidiaries, associates, controlling companies and third-party entities, and can operate activities related to the assembly and installation of industrial machinery, construction, road recovery and paving, construction of plants, electric stations and substations, special engineering services to design structural projects, and other related activities.</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#1f497d face=arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROPERTY, PLANT AND EQUIPMENT</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-33</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_170"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="30%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD></TR>

<TR height=20>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="69%" colSpan=13 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp;</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Land</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Buildings</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Machinery,</B></FONT><BR><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>equipment and</B></FONT><BR><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>facilities</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Furniture and fixtures</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp;Construction</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>in progress</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center>&nbsp;<FONT size=1 face=Arial><B>Other (*)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center>&nbsp;<FONT size=1 face=Arial><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balance at December 31,2009</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>126,059</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,289,511</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,243,494</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>22,415</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,089,735</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,362,133</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>11,133,347</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of foreign exchange differences</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,659)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(175)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,762)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(746)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,373)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,765)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,481,249</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,481,249</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derecognized projects</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,501)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,501)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,065)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(22)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,760</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,673</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfers to other categories of assets</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,785</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>159,987</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,343,721</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,591</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,040,761)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(484,323)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(74,344)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(677,266)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,469)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(36,877)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(792,956)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,607</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(161,371)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>71,902</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(38)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,830</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,590</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,480)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 0%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balance at December 31,2010</B></FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>175,792</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,213,608</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,974,024</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>28,427</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,515,806</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>868,910</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>13,776,567</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of foreign exchange differences</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,234</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,640</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,377</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>135</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(157)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,162</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,391</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquistion through business combination</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,325</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,805</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,050</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>562</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,204</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,572</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>123,518</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,400,828</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,400,828</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derecognized projects</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,778)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,778)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,719)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,059)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,294)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50,089)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(39,364)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(821,672)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,931)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(65,441)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(931,408)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reversal of allowance for loss on asset disposal</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,774</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,774</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfers to other categories of assets</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,233</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>273,320</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,477,118</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,172</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,848,785)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>74,942</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfers to intangible assets</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,104)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(383)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,487)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(170)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,883)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(695)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,454</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,760</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balance at December 31,2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>194,584</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,455,120</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,624,955</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>33,402</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,056,319</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,012,696</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>17,377,076</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Refer basically to railway assets, such as yards, tracks and railway sleepers. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The breakdown of the projects comprising construction in progress is as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="15%">&nbsp;</TD>

   <TD width="41%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="41%" align=center>&nbsp;<FONT size=1 face=Arial><B>Project objective</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Start</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>date</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scheduled</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>completion</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="10%" align=center>&nbsp;<FONT size=1 face=Arial><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="10%" align=center>&nbsp;<FONT size=1 face=Arial><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="56%" colSpan=2 align=left><U><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Construction in Progress - Main projects</B></FONT></U></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Logistics</B><FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="41%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,889,411</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,795,760</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14px" bgColor=#f2f2f2 width="41%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expansion of Transnordestina railroad around 1,728 km to boost the transportation of varied products as iron ore, limestone, soybeans, cotton, sugarcane, fertilizers, oil and fuels.</FONT>&nbsp;</P></FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2009</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2014</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,774,875</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,489,871</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 15px" width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expansion of MRS's capacity and current investments for maintenance of current operations</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>111,763</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>290,410</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current investments for maintenance of current operations</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,773</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,479</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Mining</B><FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="41%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,364,733</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,931,047</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expansion of Casa de Pedra Mine capacity production to 42 Mtpa</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2012/13 </FONT><SUP><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,101,234</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,322,433</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 15px" width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expansion of TECAR to permit an annual exportation of 60 Mtpa</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2009</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>167,163</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>425,134</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expansion of Namisa capacity production to 39 Mtpa</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2008</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2015/16</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>81,172</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>137,059</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 15px" width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current investments for maintenance of current operations</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,164</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,421</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Steel</B><FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="41%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>803,798</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,164,239</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14px" width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Implementation of the long steel mill in the states of Rio de Janeiro, Minas Gerais and S&#227;o Paulo for </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>production of rebar and wire rod.</FONT></P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2008</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2013 </FONT><SUP><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2)</FONT></SUP>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>618,832</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>907,521</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current investments for maintenance of current operations</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 15px" width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expansion of TECAR to allow annual exports of 45 mtpy</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>184,966</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>256,718</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expansion of Namisa production capacity to 39 mpty</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cement<FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="41%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>457,864</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>165,273</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14px" bgColor=#f2f2f2 width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Construcion of Cement plant in the Northeast and Southern region of Brazil and in the city of Arcos, Minas</FONT> <FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gerais</FONT></P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2011</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2013 </FONT><SUP><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98,258</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>132,986</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 15px" width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Construcion of clinquer plant in the city of Arcos, Minas Gerais</FONT></P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2011 </FONT><SUP><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4)</FONT></SUP>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>357,981</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,536</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current investments for maintenance of current operations</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,625</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,751</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="41%" align=left>

   <P style="TEXT-INDENT: 0px; MARGIN-LEFT: 0px"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total construction in progress</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,515,806</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,056,319</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;Expected date for completion of the 40 Mtpa and 42 Mtpa Stages</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;Expected date for completion of the Rio de Janeiro unity</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;Expected date for completion of new grinding on Arcos - MG</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(4)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;Manufacturing plant in operation, in &#8220;ramp-up&#8221;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The costs classified in construction in progress comprise basically the acquisition of services, purchase of parts to be used as investments for improvement of performance, upgrading of technology, enlargement, expansion and acquisition of assets that will be transferred to the relevant line items and depreciated as from the time they are available for use.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Current investments for maintenance are capitalized and depreciated on an accrual basis until the next maintenance event of the relevant asset, totaling R$654,741&nbsp;as of December 31, 2011 (R$495,430 as of December 31, 2010).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Others repairs and maintenance expenses are charged to operating costs and expenses when incurred.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-34</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_171"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In view of the need to review the useful lives at least every financial year, in 2011 management performed the review for all the Company&#8217;s units. As a result, the estimated useful lives for the current year are as follows:</FONT></P>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="71%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="27%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="71%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Buildings</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="27%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="71%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Machinery, equipment and facilities</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="27%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="71%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Furniture and fixtures</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="27%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="71%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="27%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company capitalized borrowing costs amounting to R$353,156 (R$215,624 as of December 31, 2010) (see note 26).These costs are basically calculated for mining, cement, long steel and Transnordestina projects, mainly relating to: (i) Casa de Pedra Mine expansion; (ii) construction of the cement plant in Volta Redonda, RJ, and the clinker plant in the city of Arcos, MG; (iii) construction of the long steel mill in the city of Volta Redonda, RJ; and (iv) extension of Transnordestina railroad, which will connect the countryside of the northeast region to the Suape, State of Pernambuco, and Pec&#233;m, State of Cear&#225;, ports</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The rates used to capitalize borrowing costs are as follows:</FONT></P>

<TABLE style="WIDTH: 45%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="50%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="49%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="100%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>FEES</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="50%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Specific</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="49%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-specific</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>projects</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="49%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>projects</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="50%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 1.3% to 3.2%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="49%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.56%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="50%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>UM006 + 2.7%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="49%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Additions to depreciation, amortization and depletion for the period were distributed as follows:</FONT></P>

<TABLE style="WIDTH: 55%" border=0 cellSpacing=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR height=20>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp; </B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production cost</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>892,297</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>770,542</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling expenses</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,130</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,471</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>General and administrative expenses</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,941</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,156</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other operating expenses</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,883</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,865</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>948,251</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>814,034</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Casa de Pedra mine is an asset that belongs to CSN, which has the exclusive right to explore such mine. </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Our mining activities of Casa de Pedra are based on the &#8216;Mine Manifest&#8217;, which grants CSN full ownership over the mineral deposits existing within our property limits.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011 the net property, plant and equipment of Casa de Pedra was R$2,485,077 (R$2,167,378 as of December 31, 2010), represented mainly by construction in progress amounting to R$1,123,821 (R$911,077 as of December 31, 2010). Up to December 31, 2011, interest capitalized in property, plant and equipment of Casa de Pedra totaled R$82,607 (R$48,590 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>13.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INTANGIBLE ASSETS</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-35</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_172></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="30%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR height=20>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="69%" colSpan=9 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp; </B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center>&nbsp;<FONT size=1 face=Arial><B>Goodwill</B></FONT></TD>

   <TD vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Intangible assets with finite useful lives</B></FONT></TD>

   <TD vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center>&nbsp;<FONT size=1 face=Arial><B>Software</B></FONT></TD>

   <TD vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center>&nbsp;<FONT size=1 face=Arial><B>Other</B></FONT></TD>

   <TD vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center>&nbsp;<FONT size=1 face=Arial><B>Total</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balance at December 31,2009</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>423,698</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,982</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>23,879</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>457,559</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions and expenditures</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,239</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,002</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,241</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,991)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,353)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,344)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balance at December 31,2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>423,698</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,991</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>32,765</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,002</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>462,456</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of foreign exchange differences</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>78</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions through business combination (*)</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>204,569</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>204,569</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions and expenditures</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>350</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>353</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>703</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(784)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(489)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,273)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Impairment losses</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(60,861)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(60,861)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfer of property, plant and equipment</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,487</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,487</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfer of long-term receivables</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,977</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,977</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,991)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,622)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,230)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,843)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="30%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other movements</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,113)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,194</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>81</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balance at December 31,2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>567,406</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>32,089</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,879</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>603,374</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Goodwill based on expected future earnings, arising on the Prada Embalagens and CBL business combination on July 12, 2011.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Recoverable amount of the Packaging cash-generating unit (&#8220;CGU&#8221;), determined based on the business valuation report prepared by independent appraisers. As a result of this valuation, the company recognized an impairment adjustment amounting to R$60,861</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The concession intangible asset with definite useful life refers to the amount originally paid by shareholders, whose economic basis was expected future earnings due to the concession right, recorded by the Company&#8217;s jointly controlled entity. The amortization is calculated on a straight-line basis over the concession period. </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The useful life of software is one to five years.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill: </FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The economic basis of goodwill is the expected future earnings and, in accordance with the new pronouncements, these amounts are not amortized since January 1, 2009, when they became subject only to impairment testing.</FONT></P>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0>



<TR>

   <TD width="67%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="16%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="67%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Goodwill on Investments</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Balance at<BR></STRONG><STRONG>12/31/2011</STRONG></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="15%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Investor</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Flat steel</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="16%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,091</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Subtotal Company</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="16%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>13,091</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="16%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>347,098</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Namisa</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="67%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Packaging</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>207,217</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="67%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total consolidated</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="16%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>567,406</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Impairment testing for goodwill</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In order to conduct impairment testing, goodwill is allocated to CSN&#8217;s operating divisions that represent the lowest level within the Company at which goodwill is monitored for internal management purpose, never above Operating Segments.</FONT></P>

<TABLE style="WIDTH: 70%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash-generating unit</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center>&nbsp;<FONT size=1 face=Arial><B>Segment</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining (Namisa)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>347,098</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>347,098</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Packaging (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steel</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>207,217</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,509</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Flat steel</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steel</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,091</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,091</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>567,406</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>423,698</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Amount presented net of the impairment adjustment amounting to R$60,861.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-36</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_173"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The recoverable amount of a Cash-Generating Unit (&#8220;CGU&#8221;) is determined based on value-in-use calculations.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These calculations use cash flow projections, before income tax and social contribution, based on financial budgets approved by management for a three-year period. The amounts related to cash flows subsequent to the three-year period were extrapolated based on the estimated growth rates shown below. The growth rate does not exceed the average long-term growth rate of the industry in which the Cash-Generating Unit (&#8220;CGU&#8221;) operates.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The main assumptions used in calculating the values in use as of December 31,&nbsp;2011 are as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="12%">&nbsp;</TD>

   <TD width="40%">&nbsp;</TD>

   <TD width="24%">&nbsp;</TD>

   <TD width="24%">&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" width="12%" align=left>&nbsp;&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Mining</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="24%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Packaging</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="24%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Flat steel</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" bgColor=#f2f2f2 vAlign=middle width="12%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gross margin (i)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="40%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>For gross margin were used the expansion plans already </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>app</FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>roved in the Company&#8217;s business plan, iron ore prices on </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>the international market, based on projections prepared by </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>official institutions of the mining industry and the projected </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US dollar (US$) versus Brazilian reais (R$) rate curve until </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2020, made available by the Central Bank of Brazil </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(BACEN). After 2020, no variance was considered.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="24%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Avera</FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ge gross margin of each </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>cash-generating unit based on its </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>history and projections approved </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>by the Board for the next three </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>years;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="24%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Average </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>gross margin of each </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>cash-generating unit based on its </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>history and projections approved </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>by the Board for the next three </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>years;</FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=middle width="12%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost adjustment</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=middle width="40%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost adjustment based on long-term inflation</FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;projections;</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=middle width="24%" align=left>

   <P><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost adjustment based on long-</FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ter</FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>m inflation projections;</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=middle width="24%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost adjustment based o</FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n long-</FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>term inflation projections;</FONT>&nbsp;</P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="12%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Growth rate (ii)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="40%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash flows were made considering a project</FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ion period up to </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2041, the maturity term of the main contracts and to which </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>the Company's Business Plan is tied. Therefore it was not </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>used a grow rate, given that the projection period exceeds 30 </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>years.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="24%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Average growth rate </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>of 2.1% p.a. </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>used to extrapolate the cash flows </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>after the budgeted period;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="24%" align=left>

   <P align=justify><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Average grow</FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>th rate of 0.5% p.a. </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>used to extrapolate the cash flows </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>after the budgeted period;</FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=middle width="12%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Discount rate (iii)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=middle width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pretax US dollar 11% p.a. discount rate.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=middle width="24%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pretax 16.75% p.a. discount rate.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=middle width="24%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pretax 11% p.a. discount rate.</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Assumptions used by independent experts.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;&nbsp; Budgeted gross margin.</FONT></P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(ii)&nbsp; Weighted average growth rate, used to extrapolate the cash flows after the budget period.</FONT></P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(iii) Pretax discount rate, applied to cash flow projections.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>14.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>BORROWINGS, FINANCING AND DEBENTURES</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-37</P>

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<TR>

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   <TD width="13%">&nbsp;</TD>

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   <TD width="11%">&nbsp;</TD>

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   <TD width="10%">&nbsp;</TD></TR>

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   <TD width="25%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="26%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current liabilities</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="23%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current liabilities</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Rates in (%)</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="25%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>FOREIGN CURRENCY</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1% to 3.50%</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>381,333</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>473,255</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>573,388</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,840,269</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.51% to 7.50%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148,597</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>138,210</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,281,171</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>522,116</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guaranteed perpetual bonds</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.00%</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,553</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,268</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,875,800</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,666,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.75%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,191</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,546</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,031,690</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>916,410</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.50%</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,851</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47,834</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,875,800</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,666,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.875%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,598</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,626</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,406,850</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,249,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.5%</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,390</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,074</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,320</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>666,480</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financed imports</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.52% to 6.00%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>261</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,293</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,322</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financed imports</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.01% to 8.00%</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,248</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,849</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,310</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,396</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CCB</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.54%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>176,440</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDES/FINAME</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%" align=left><FONT size=1 face=Arial>Interest R. Res. 635/87</FONT> <FONT size=1 face=Arial>+</FONT> <FONT size=1 face=Arial>1.7% and 2.7%</FONT> </TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,903</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,085</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,750</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,256</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial>3.3% to 5.37% and CDI +</FONT> <FONT size=1 face=Arial>1.2%</FONT> </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,181</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85,790</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>145,438</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,587</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>984,546</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>901,830</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,004,517</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,769,886</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="25%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>LOCAL CURRENCY</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDES/FINAME</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 1.5% to 3.2%</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>430,432</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>308,968</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,744,727</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,907,596</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Debentures</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="20%" align=left><FONT size=1 face=Arial>103.6 % and 110.8% CDI and</FONT> <FONT size=1 face=Arial>9.4% + IGPM and 1% + TJLP</FONT></TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>672,073</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,750</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,822,424</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,760,846</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>104.8% and 109.5 % CDI</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>537,128</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64,216</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,523,224</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,400,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CCB</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>112.5% CDI</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>101,280</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,354</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,200,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,000,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,509</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,443</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,058</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,303</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="25%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,750,422</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>442,731</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,327,433</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,091,745</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total borrowings and financing</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,734,968</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,344,561</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25,331,950</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>18,861,631</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="25%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transaction costs</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(32,885)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(35,929)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(145,445)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(80,816)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Total borrowings and financing +</STRONG><FONT size=3 face="Times New Roman"> </FONT><STRONG>transaction costs</STRONG></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,702,083</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,308,632</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25,186,505</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>18,780,815</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The balances of prepaid intragroup borrowings related to the Company total R$2,244,927 as of December 31, 2011 (R$2,080,721 as of December 31, 2010), see note 4.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Funding transaction costs</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2011 funding transaction costs are as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="18%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD></TR>

<TR height=20>

   <TD vAlign=middle width="18%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="81%" colSpan=19 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp; </B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="18%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Short term</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="48%" colSpan=13 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Long term</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="18%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2013</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2014</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2015</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2016</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2017</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>After 2017</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>TJ </B></FONT><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1)</B></FONT></SUP>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>TIR </B></FONT><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(2)</B></FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="18%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,067</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,779</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,478</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,100</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,203</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,203</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,852</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,615</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.5% to 10%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.75% to 10.7%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDES</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>553</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>491</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>423</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>389</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>389</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>389</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,491</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,572</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.3% to 1.7%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.44% to 7.39%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="18%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDES</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,578</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,578</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>284</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,862</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.2% to 3.2%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.59% to 9.75%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,059</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,020</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,397</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,219</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,219</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,219</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,354</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,428</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>109.50% and 110.79% CDI</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.08% to 12.44%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="18%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>346</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,382</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.37% and 3.24%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.68% to 4.04%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CCB</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,472</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,220</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,651</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,902</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,902</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,056</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,046</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>89,777</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>112.5% CDI</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.33% to 14.82%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="18%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>647</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>427</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>427</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>427</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>427</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>427</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>674</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,809</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>110.8% and 103.6% CDI</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12.59% and 13.27%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>32,885</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>32,024</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>29,169</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>20,546</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>19,649</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,640</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>28,417</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>145,445</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TJ &#8211; Annual interest rate contracted</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TIR &#8211; Annual internal rate of return</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Maturities of borrowings, financing and debentures presented in non-current liabilities</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2011, the principal of long-term borrowings, financing and debentures by maturity year is as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-38</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_175"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 40%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,263,889</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2014</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,933,763</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2015</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,346,461</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2016</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,444,259</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2017</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,166,273</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>After 2017</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,301,505</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Perpetual bonds</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,875,800</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25,331,950</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>100%</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Amortizations and new borrowings, financing and debentures</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The table below shows the amortizations and new funding in the current period:</FONT></P>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR height=20>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp; </B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Opening balance</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,089,447</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,267,601</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Funding</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,824,012</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,754,779</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,614,606)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,897,405)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,589,735</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>964,472</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Closing balance</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>27,888,588</B></FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>20,089,447</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Includes foreign exchange differences and inflation adjustments.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Loans and financing contracts with certain financial institutions contain some covenants that are usual in financial agreements in general and the Company is compliant with them at December 31, 2011.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In February 2011, the Company entered into with Caixa Econ&#244;mica Federal a Corporate Loan Transaction - Large Corporations, by issuing a bank credit certificate of R$2 billion, with final amortization maturity of 94 months. This CCB (bank credit note) bears interest equivalent to 112.5% of the CDI (interbank deposit rate), as released by CETIP (OTC Clearing House), per year, and interest is paid on a quarterly basis, in March, June, September and December.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In April 2011, the Company contracted an Export Credit Note amounting to R$1.5 billion from Banco do Brasil, which will mature in April 2019.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This NCE (export credit note) bears interest equivalent to 110.8% of the CDI (interbank deposit rate), as released by CETIP, per year, and interest is paid on a semiannual basis, in April and October.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In August 2011, the Company entered into with Caixa Econ&#244;mica Federal a Corporate Loan Transaction - Large Corporations, by issuing a bank credit certificate of R$2.2 billion, with final amortization maturity of 108 months. This CCB (bank credit note) bears interest equivalent to 112.5% of the CDI (interbank deposit rate), as released by CETIP, per year, and interest is paid on a quarterly basis, in February, May, August and November.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In December 2011 the Company settled in advance its export receivables securitization program with the payment of R$313,842 (R$283,857 in principal, R$2,373 in interest and R$27,612 in premium paid to creditors for early settlement).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Debentures&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i. Companhia Sider&#250;rgica Nacional</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4th issue</FONT></B></H1>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As approved at the Board of Directors&#8217; meeting held on December 20, 2005 and ratified on April 24, 2006, the Company issued on February 1, 2006, 60,000 nonconvertible, unsecured debentures, in single series, with a unit face value of R$10. </FONT>


<FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These debentures were issued in the total amount of R$600,000 and the proceeds from their trading with financial institutions were received on May 3, 2006.</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-39</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_176"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">




<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The face value of these debentures earns interest equivalent to 103.6% of CDI rate, as released by Cetip, per year, and maturity of the face value is scheduled for February 1, 2012, with an early redemption option.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>5th issue</FONT></B></H1>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As approved at the Board of Directors&#8217; meeting held on July 12, 2011, the Company issued on July 20, 2011, 115 nonconvertible, unsecured debentures, in single series, with a unit face value of R$10 million. These debentures were issued in the total amount of R$1,150,000 and the proceeds from their trading with financial institutions were received on August 23, 2011.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The face value of these debentures earns interest equivalent to 110.8% of CDI, as released by Cetip, per year, and maturity of the face value is scheduled for February 1, 2012, with an early redemption option.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii. Transnordestina Log&#237;stica</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On March 10, 2010 Transnordestina Log&#237;stica S.A obtained approval from the Northeast Development Fund - FDNE for issue of the 1<SUP>st</SUP> Series of its 1<SUP>st</SUP> Private Issue of convertible debentures, consisting of eight series in the total amount of R$2,672,400.The first, third, and fourth series refer to funds to be invested in the Miss&#227;o Velha &#8211; Salgueiro &#8211; Trindade e Salgueiro &#8211; Porto de Suape module, which also includes the investments in the Suape Port, and the reconstruction of the Cabo to Porto Real de Col&#233;gio railroad section. The second, fifth and sixth series refer to funds to be invested in the Eliseu Martins &#8211; Trindade module. The seventh and eighth series refer to funds to be invested in the Miss&#227;o Velha &#8211; Pec&#233;m module, which also includes the investments in the Pec&#233;m Port.</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>General</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Number</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Unit</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balance (R$)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Issue</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Series</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>meeting</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>issued</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>face value</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Issue</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Maturity</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Charges</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="8%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1st</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1st</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2/8/2010</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>336,647,184</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$ 1,00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>03/09/10</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10/3/2027</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 0.85% p.a.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>336,647</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1st</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2&#170;</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2/8/2010</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>350,270,386</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$ 1,00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11/25/2010</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10/3/2027</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 0.85% p.a.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>350,270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="8%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1st</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3&#170;</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2/8/2010</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>338,035,512</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$ 1,00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/12/2010</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10/3/2027</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 0.85% p.a.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>338,036</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1st</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4&#170;</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2/8/2010</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>468,293,037</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$ 1,00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10/04/11</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10/3/2027</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 0.85% p.a.</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>468,293</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Guarantees provided</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Guarantees provided for the borrowings comprise property, plant and equipment items and sureties, as shown in the table below, and do not include guarantees provided for subsidiaries and jointly controlled entities.</FONT></P>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,383</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,288</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Collateral</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>87,550</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>74,488</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Securitizations (exports) (*)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113,936</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>106,933</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>218,712</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Because of the early settlement of export receivables, the securitization reserve fund amounts were redeemed.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>15.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>FINANCIAL INSTRUMENTS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>I - Identification and measurement of financial instruments</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company enters into transactions involving various financial instruments, mainly cash and cash equivalents, including short-term investments, marketable securities, trade receivables, trade payables, and borrowings and financing. Additionally, it also carries out transactions involving derivative financial instruments, especially exchange and interest rate swaps.</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-40</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_177"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Considering the nature of these instruments, their fair value is basically determined by the use of Brazil&#8217;s money market and mercantile and futures exchange quotations. The amounts recorded in current assets and current liabilities have immediate liquidity or short-term maturity, mostly less than three months. Considering the maturities and features of such instruments, their carrying amounts approximate their fair values.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Classification of financial instruments</FONT></B></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="15%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="47%" colSpan=11 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" colSpan=9 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B></B></FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B></B></FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11px" width="15%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center><FONT size=1 face=Arial><B>Notes</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Available for sale</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value through profit or loss</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Loans and receivables -effective interest</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other Liabilities - amortized cost method</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center><FONT size=1 face=Arial><B>Balances</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Available for sale</B></FONT></TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value&nbsp; through&nbsp;</B></FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>profit or loss</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Loans and receivables - effective interest</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other Liabilities - amortized cost method</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><FONT size=1 face=Arial><B>Balances</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="15%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,417,393</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,417,393</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,239,278</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,239,278</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade receivables, net</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,558,997</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,558,997</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right></TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,259,461</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,259,461</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guarantee margin on financial instruments</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8 and 15</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>407,467</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>407,467</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,485</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,485</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8 and 15</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,115</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,115</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right></TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Securitization reserve fund</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,644</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,644</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="7%" align=right></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="15%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current</B></FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other trade receivables</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,797</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,797</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right></TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,485</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,485</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,089,309</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,089,309</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,102,112<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,102,112</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>376,344</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>376,344</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,231</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,231</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #f2f2f2; TEXT-INDENT: 2px" width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Securitization reserve fund</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,031</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,031</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Short-term investments</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>139,679</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>139,679</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right></TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>112,484</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>112,484</FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="100%" colSpan=23>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="15%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liabilities</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="15%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current</B></FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=left></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings, financing and debentures</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,734,968</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,734,968</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right></TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,344,561</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,344,561</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15 and 16</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,971</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,971</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,232,075</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,232,075</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right></TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>623,233</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>623,233</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="15%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current</B></FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings, financing and debentures</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,331,950</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,331,950</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right></TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,861,631</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,861,631</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="15%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15 and 16</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,430</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,430</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,494</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,494</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fair value measurement</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The financial instruments recognized at fair value require the disclosure of fair value measurements at three hierarchy levels:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 20.9pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Level 2: other available inputs, except those of Level 1 that are observable for the asset or liability, whether directly (i.e., prices) or indirectly (i.e., derived from prices)</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Level 3: inputs unavailable due to slight or no market activity and which is significant for the definition of the fair value of assets.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following table shows the financial instruments recognized at fair value using a valuation method:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-41</P>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

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   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" colSpan=5 align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" colSpan=5 align=left>&nbsp; </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 20px" width="28%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Level 1</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Level 2</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Level 3</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balances</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Level 1</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Level 2</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Level 3</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balances</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="28%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="28%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Financial assets at fair value through profit or loss</B></FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="28%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,115</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,115</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="28%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="28%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Available-for-sale financial assets</B></FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="28%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,089,309</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,089,309</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,102,112</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,102,112</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="28%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Financial assets at fair value through profit or loss</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="28%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>376,344</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>376,344</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,231</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,231</FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="28%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="28%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Financial liabilities at fair value through profit or loss</B></FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="28%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,971</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,971</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="28%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="28%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Financial liabilities at fair value through profit or loss</B></FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="28%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,430</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,430</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,494</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,494</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>II &#8211; investments in financial instruments classified as available for sale and measured at fair value through OCI</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These consist mainly of investments in shares acquired in Brazil and abroad involving top ranked companies classified by international rating agencies as investment grade, which are recognized in non-current assets, and any gains or losses are recognized in equity, where they will remain until actual realization of the securities or when any loss is considered unrecoverable.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><EM><B><FONT style="LINE-HEIGHT: 115%; FONT-STYLE: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></EM>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;Potential impairment of financial assets classified available for sale</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>During 2010 and 2011 CSN invested in ordinary (USIM3) and preferred (USIM5) shares of Usiminas, classified as financial instruments available for sale as they do not attend the criteria to be classified within any of the other categories of financial instruments (measured at fair value through profit and loss, held to maturity or loans and receivables). The instruments are classified under non-current financial instruments and measured at their fair value based on their quoted price at 31 December 2011 (BOVESPA). The company is evaluating strategic alternatives with respect to its investment in Usiminas.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Considering the decline in market value of the shares Usiminas during the year, the Company has evaluated whether, at the balance sheet date, there is objective evidence of impairment of its investments in Usiminas. Management evaluated if the decline in market value of the shares Usiminas should be considered either significant or prolonged. Determining whether a decline is significant or prolonged requires judgment and according to CSN&#8217;s accounting policy, which is based on national and international application, an instrument by instrument analysis is made based on quantitative and qualitative information from the moment on onwards that the decline either above 20% or more than 12 months.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Despite the Company&#8217;s investment strategy and despite the fact that both the ordinary and preferred shares are equity instruments, management separately evaluated the ordinary and preferred shares for impairment considering the different rights attached to them. The policy of the Company requires a detailed analysis of the percentage and period of decline, characteristics of the instrument, the segment in which the entity operates and volatility of the instrument. Additionally, macro-economic factors, qualitative analyses and other relevant factors after the balance sheet date until the date of approval of the financial statements are taken into consideration to the extent that is possible within the context of the standards, their interpretations and application in practice.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>To determine the period of decline of the market value of the instruments below their cost, the Company compared their respective weighted average cost of acquisition at balance sheet date with the last trading date on which the quoted maximum price was above this weighted average cost of acquisition. In case of the ordinary shares the period of decline was calculated at 1 month, while in the case of the preferred shares the period of decline was calculated at 7 months. Management is of the opinion that, considering its accounting policy, the decline is not prolonged.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Volatility measures the dispersions between returns of a share or index. Volatility is a measure of risk of a share, but also serves to evaluate to what extent price variations historically are within expectations. Historical volatility of the shares is calculated and considered in order to identify the expected fluctuation of the respective instruments, evaluate the expected future volatility and conclude if a decline in market value of an instrument below its cost should be considered significant. </FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-42</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_179"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following table shows these indicators for a period of 12 years,</FONT><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>long period sufficient to eliminate volatility spikes caused by economic crises:</FONT></P>

<TABLE style="WIDTH: 40%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Period</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Volatility</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>USIM3</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>USIM5</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/3/2000 to 12/31/2011</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.42%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48.57%</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In light of this information, Management concluded that the decline in market value relative to their price of acquisition of the shares of USIM3 and USIM5 at 31 December 2011 of 30.8% and 34.5%, respectively, is not significant. </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>At 25 April 2012 the decline of the shares had significantly reduced to <FONT style="FONT-SIZE: 9pt" face=Arial>26</FONT>.1% and 27.3% respectively</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>, further supporting the volatility of the securities.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Management considers that during the period under analysis there have not been significant changes with an adverse effect in the technological, market, economic and legal environment in which Usiminas operates. Further, while the market value of Usiminas at 31 December 2011 was below the value of its net assets at that date (R$ 13.5 billion and R$ 19 billion respectively) and the company therefore was required to evaluate impairment of its assets in accordance with IAS38.12(d), the company did not register any such impairment. </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Considering the quantitative and qualitative analyses above, Management is of the opinion that there is no objective evidence of impairment of the ordinary and preferred shares of Usiminas and consequently has not reclassified losses thus far recognized in other comprehensive income (R$ 767,924, net of tax).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>III &#8211; Fair values of assets and liabilities as compared to their carrying amounts</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets and liabilities at fair value through profit or loss are recognized in current and non-current assets and liabilities, and any gains and possible losses are recognized as finance income or finance costs, respectively.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The amounts are recognized in the financial statements at their carrying amounts, which are substantially similar to those that would be obtained if they were traded in the market. The fair values of other long-term assets and liabilities do not differ significantly from their carrying amounts, except the amounts below.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The estimated fair values of consolidated long-term borrowings and financing were calculated at prevailing market rates, taking into consideration the nature, terms and risks similar to those of the recorded contracts, as compared below:</FONT></P>

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="48%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Carrying amount</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Carrying amount</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guaranteed perpetual bonds</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,878,353</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,819,903</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,668,468</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,663,701</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,183,690</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,832,364</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,606,820</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,966,629</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>IV &#8211; Financial risk management policy</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company has and follows a policy of managing its risks, with guidelines regarding the risks incurred by the company. Pursuant to this policy, the nature and general position of financial risks are regularly monitored and managed in order to assess the results and the financial impact on cash flow. The credit limits and the quality of counterparties&#8217; hedge instruments are also periodically reviewed. </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The risk management policy was established by the Board of Directors. Under this policy, market risks are hedged when it is considered necessary to support the corporate strategy or when it is necessary to maintain a level of financial flexibility.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Under the terms of the risk management policy, the Company manages some risks by using derivative financial instruments. The Company&#8217;s risk policy prohibits any speculative deals or short sales.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 14.15pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liquidity risk</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center">FS-43</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_180"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>It is the risk that the Company may not have sufficient net funds to honor its financial commitments as a result of mismatching of terms or volumes between scheduled receipts and payments.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>To manage cash liquidity in domestic and foreign currency, assumptions of future disbursements and receipts are established and daily monitored by the treasury area. The payment schedules for the long-term portions of borrowings, financing and debentures are shown in Note 14.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following table shows the contractual maturities of financial liabilities, including estimated interest payments.</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="45%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="45%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>At December 31, 2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="10%" align=center>&nbsp;<FONT size=1 face=Arial><B>Less than one year</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>From one to two</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>years</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>From two to five</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>years</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="10%" align=center>&nbsp;<FONT size=1 face=Arial><B>Over five years</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="10%" align=center>&nbsp;<FONT size=1 face=Arial><B>Total</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="45%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings, financing and debentures</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,734,968</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,263,889</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,724,483</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,343,578</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,066,918</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="45%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,971</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,430</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>376,401</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="45%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,232,075</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,232,075</FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="45%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="45%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>At December 31, 2010</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="45%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings, financing and debentures</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,344,561</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,254,057</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,357,169</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,250,405</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,206,192</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="45%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,494</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>370,901</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="45%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>623,232</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>623,232</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Foreign exchange rate risk</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company assesses its exchange exposure by subtracting its liabilities from its assets denominated in dollar, euro and australian dollar, thus arriving at its net exchange exposure, which is the foreign currency exposure risk. Therefore, besides the trade receivables arising from exports and investments overseas that in economic terms constitute natural hedges, the Company further considers and uses various financial instruments, such as derivative instruments (US$ to Real and euro to dollar swaps, and forward exchange contracts, etc.) to manage its risks of fluctuations in currencies other than the Brazilian real.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Policies on the use of hedging derivatives</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s financial policy reflects the parameters of liquidity, credit and market risks approved by the Audit Committee and Board of Directors. The use of derivative instruments in order to prevent fluctuations in interest and exchange rates from having a negative impact on the company&#8217;s balance sheet and income statement should consider the same parameters. As provided for in internal rules, this financial investment policy has been approved and is being managed by the finance officers.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>At the meetings of the Executive Officers and Board of Directors, the officers and directors routinely present and discuss the Company&#8217;s financial positions. Under the bylaws, transactions involving material amounts require the prior approval of management bodies. The use of other derivative instruments is contingent upon the express prior approval of the Board of Directors.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>To finance its activities, the Company resorts to the capital markets, both locally and internationally, and based on the indebtedness profile it is seeking, part of the debt is pegged to foreign currency, basically to the US dollar, which causes Management to seek hedging for debt through derivative financial instruments.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>To contract derivative financial instruments for hedging within the internal control structure, the following policies are adopted:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ongoing calculation of exchange exposure that occurs by analyzing assets and liabilities exposed to foreign currency, under the following terms:(i) trade receivables and payables in foreign currency; (ii) cash and cash equivalents and debts in foreign currency considering the maturity of the assets and liabilities exposed to exchange fluctuations;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-44</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_181"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>presentation of the financial position and exchange exposure on a routine basis at meetings of the Executive Officers and Board of Directors that approve the hedging strategy;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>carrying out derivative hedging transactions only with leading banks, diluting the credit risk through diversification among these banks;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The consolidated net exposure as of December 31, 2011 is as follows:</FONT></P>

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="37%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="22%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="19%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px; BORDER-TOP: #000000 1px solid" vAlign=middle rowSpan=2 width="37%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Foreign Exchange Rate Exposure</B></FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" vAlign=middle width="22%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amounts US$</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" vAlign=middle width="19%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amounts EUR</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" vAlign=middle width="16%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amounts A$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="22%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="19%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="16%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>thousand)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents overseas</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="22%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,613,908</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="19%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8px" bgColor=#f2f2f2 width="16%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>302,553</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative guarantee margin</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="22%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>217,223</FONT>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="19%" align=right>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="16%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade receivables - foreign market</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="22%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>287,616</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="19%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,844</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="16%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other assets</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>139,219</FONT>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>118</FONT>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="22%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,257,966</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="19%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,962</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8px" bgColor=#f2f2f2 width="16%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>302,553</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="22%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,299,622)</FONT>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="19%" align=right>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="16%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="22%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,779)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="19%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,450)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="16%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other liabilities</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(56,479)</FONT>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16)</FONT>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="22%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(5,366,880)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="19%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,466)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="16%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Gross exposure</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>891,086</B></FONT>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,496</B></FONT>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8px" width="16%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>302,553</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Notional amount of derivatives contracted</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="22%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>267,856</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="19%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(90,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="16%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net exposure</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,158,942</B></FONT>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(83,504)</B></FONT>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8px" width="16%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>302,553</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Gains and losses on these transactions are consistent with the policies and strategies defined by management.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Exchange swap transactions</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company carries out exchange swap transactions in order to hedge its assets and liabilities against any fluctuations in the US dollar-real parity.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This hedge through exchange swaps provides the Company, through the long position of the contract, with a forward rate agreement (FRA) gain on the exchange coupon, which at the same time improves our investment rates and reduces the cost of our funding in the international market.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011, the Company had a long position in exchange swap of US$367,856 thousand (US$1,249,529 thousand as of December 31, 2010) where we received, in the long position, exchange rate change plus 3.4541% per year on average (in 2010, exchange rate change plus 2.29% per year), and paid 100% of CDI, in the short position of the exchange swap contract.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011 the Company held a short position in a foreign exchange swap of US$100,000 thousand, where we paid foreign exchange change plus interest of 2.39% per year on average in the short position and received 100% of CDI in the long position of the foreign exchange swap.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011, the consolidated position of these contracts is as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) Outstanding transactions</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>US dollar-to-real exchange swap</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-45</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_182"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="19%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="59%" colSpan=7 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="19%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="20%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="14%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="29%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation (R$)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="19%" align=center>&nbsp;<FONT size=1 face=Arial><B>Counterparties</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="20%" align=center>&nbsp;<FONT size=1 face=Arial><B>Transaction maturity</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Notional (US$</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center>&nbsp;<FONT size=1 face=Arial><B>Asset position</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liability</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>position</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amount</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>receivable /</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>(payable)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>JP Morgan</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2/1/2012 to 3/1/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,981</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,127</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,556)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>571</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>HSBC</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4/22/2012 to 6/15/2012</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>101,317</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>192,919</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(176,554)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,365</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Soci&#233;t&#233; G&#233;n&#233;rale</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>02/1/2012 to 8/2/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,635</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,554</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,362)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,192</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bradesco</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8/1/2012</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,327</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,279</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,743)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>536</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco do Brasil</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7/2/2012 to 9/3/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,654</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,605</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,413)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>192</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Santander</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2/1/2012 to 1/2/2015</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,990</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,900</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28,416)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>484</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Goldman Sachs</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/2/2015</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>190,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>371,174</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(352,514)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco de Tokyo</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/15/2016</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,952</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,980</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(47,960)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(980)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>367,856</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>708,538</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(671,518)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>37,020</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="59%" colSpan=7 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="29%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation (R$)</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(market)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=center>&nbsp;<FONT size=1 face=Arial><B>Counterparties</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center>&nbsp;<FONT size=1 face=Arial><B>Transaction maturity</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Notional (US$</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center>&nbsp;<FONT size=1 face=Arial><B>Asset position</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liability</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>position</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amount</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>(payable)</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>JP Morgan</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11/1/2011 to '3/1/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,654</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,078</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,170)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(92)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>HSBC</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/3/2011</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>223,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>372,794</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(385,900)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,106)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Soci&#233;t&#233; G&#233;n&#233;rale</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2/1/2011 to '12/1/2011</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,289</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,687</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50,254)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,567)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pactual</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7/1/2011</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,327</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,847</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,573)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,726)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deutsche Bank</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/3/2011 to 2/1/2011</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>265,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>443,143</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(468,544)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,401)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Santander</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/3/2011 to 1/2/2015</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,625</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>220,951</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(239,169)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,218)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Goldman Sachs</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/3/2011 to 1/2/2015</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>130,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>215,302</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(224,658)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,356)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Itau BBA</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/3/2011 to 12/1/2011</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>466,634</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>779,802</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(809,381)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,579)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,249,529</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,088,604</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(2,197,649)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(109,045)</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Real-to-US dollar exchange swap</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="19%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="59%" colSpan=7 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="29%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation (R$)</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(market)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Transaction</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial><B>Notional (US$</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Asset</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liability</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amount</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" width="19%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Counterparties</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="20%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>maturity</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center>&nbsp;<FONT size=1 face=Arial><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>position</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>position</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(payable)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Santander</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2/1/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>130,266</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(130,787)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(521)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Goldman Sachs</I></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2/1/2012</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,000)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,704</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(56,030)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11px" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(326)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(100,000)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>185,970</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(186,817)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(847)</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Iene-to-US dollar exchange swap&nbsp; </FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-46</P>

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&nbsp; <A name="page_183"></A>

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<TABLE style="WIDTH: 90%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="19%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="59%" colSpan=7 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="19%" align=left>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD vAlign=middle width="20%" align=left>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD vAlign=middle width="14%" align=left>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" vAlign=middle rowSpan=2 width="29%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation (R$)</B></FONT></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="19%" align=left>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD vAlign=middle width="20%" align=left>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD vAlign=middle width="14%" align=right>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(market)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="19%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD vAlign=middle width="20%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Transaction</B></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD vAlign=middle width="14%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Asset</B></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liability</B></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amount</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=middle width="19%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Counterparties</B></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="20%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>maturity</B></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center>&nbsp;<FONT size=1 face=Arial><B>Notional (iene)</B></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>position</B></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>position</B></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>receivable</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Deutsche Bank</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/12/2013</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,090,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>374,455</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(373,430)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>59,090,000</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>374,455</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(373,430)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,025</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="59%" colSpan=7 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>&nbsp;12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" vAlign=middle rowSpan=2 width="29%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation (R$)</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(market)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=center>&nbsp;<FONT size=1 face=Arial><B>Counterparties</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Transaction</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>maturity</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left>&nbsp;<FONT size=1 face=Arial><B>Notional (iene)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Asset</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>position</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liability</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>position</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amount</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>receivable/</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>(payable)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Deutsche Bank</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/12/2013</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,090,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,231</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(254,231)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>59,090,000</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>254,231</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(254,231)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Settled US dollar-real transactions</FONT></B></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="19%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="19%" align=left>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="26%" colSpan=5 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation 2011</B></FONT></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=left>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="26%" colSpan=5 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation 2010</B></FONT></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=left>&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="19%" align=center>

   <P><FONT size=1 face=Arial><B>Counterparties</B></FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Notional</B></FONT> <FONT size=1 face=Arial><B>(US$</B></FONT> <FONT size=1 face=Arial><B>thousand)</B></FONT></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Asset position (R$)</B></FONT></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Liability position</B></FONT> <FONT size=1 face=Arial><B>(R$)</B></FONT></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=middle width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amount received / (paid) in 2011</B></FONT></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Notional</B></FONT> <FONT size=1 face=Arial><B>(US$</B></FONT> <FONT size=1 face=Arial><B>thousand)</B></FONT></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Asset position (R$)</B></FONT></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Liability position</B></FONT> <FONT size=1 face=Arial><B>(R$)</B></FONT></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Fair value in</B></FONT> <FONT size=1 face=Arial><B>2010</B></FONT></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Impact on</B></FONT> <FONT size=1 face=Arial><B>P&amp;L in 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Deutsche Bank</I></FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,352,000</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,809,284</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,927,022)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(117,738)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>265,000</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>443,143</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(468,544)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,401)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(92,337)</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Goldman Sachs</I></FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,000</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,978,316</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,975,695)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,621</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,000</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>167,243</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(173,031)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,788)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,409</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>HSBC</I></FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,843,000</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,022,397</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,092,542)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70,145)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>223,000</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>372,794</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(385,900)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,106)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(57,039)</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Itau BBA</I></FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>809,635</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,345,353</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,380,319)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,966)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>466,635</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>779,802</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(809,378)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,576)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,390)</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Santander</I></FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>246,625</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>412,585</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(434,164)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,579)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>121,625</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>204,241</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(221,856)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,615)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,964)</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>BTG Pactual</I></FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,327</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,542</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,050)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,508)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,327</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,847</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,573)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,726)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(782)</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Soci&#233;t&#233; G&#233;n&#233;rale</I></FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,289</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,093</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(52,363)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,270)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,289</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,687</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50,255)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,568)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(702)</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>JP Morgan</I></FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,327</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,737</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,075)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(338)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,654</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,078</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,170)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(92)</FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(246)</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Bradesco</I></FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,663</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,143</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,755)</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>388</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>388</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,382,866</B></FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>11,623,450</B></FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(11,879,985)</B></FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(256,535)</B></FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,209,530</B></FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,023,835</B></FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(2,128,707)</B></FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(104,872)</B></FONT> </TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(151,663)</B></FONT> </TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The position of outstanding transactions was recorded in the Company&#8217;s assets and liabilities and totals R$37,020 in assets and R$847 in liabilities as of December 31, 2011 (R$109,045 in liabilities as of December 31, 2010) and its effects are recognized in the Company&#8217;s finance income (costs) as loss totaling R$115,490 as of December 31, 2011 (loss of R$231,673 as of December 31, 2010) (see Note 26).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Euro-to-US dollar exchange swap</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In addition to the swaps above, the Company also contracted NDFs (non-deliverable forwards) to hedge its euro-denominated assets. Basically the Company contracted financial derivatives for its euro-denominated assets, where it will receive the difference between the US dollar exchange rate change for the period, multiplied by the notional amount (long position) and pay the difference between the exchange rate change in euro for the period on the notional euro amount on the contract date (short position).In general, these are transactions conducted in the Brazilian over-the-counter market that have as counterparties prime financial institutions, contracted under the exclusive funds.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011, the consolidated position of these contracts was as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) Outstanding transactions</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-47</P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" colSpan=5 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

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   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><FONT size=1 face=Arial><B>Appreciation (R$)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>(market)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Notional (EUR</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Asset</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liability</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amount</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="19%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Counterparties</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Transaction maturity</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>position</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>position</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>receivable</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>HSBC</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/12/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,469</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(48,556)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,913</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Deutsche Bank</I></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/12/2012</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,521</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(48,556)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,965</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Goldman Sachs</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/12/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>128,761</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(121,389)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,372</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9px" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>90,000</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>231,751</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(218,501)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>13,250</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" colSpan=5 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><FONT size=1 face=Arial><B>Appreciation (R$)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>(market)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Notional (EUR</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Asset</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liability</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amount</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="19%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Counterparties</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Transaction maturity</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>position</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>position</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>receivable</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>HSBC</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/20/2011</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,029</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,424)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>605</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Deutsche Bank</I></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/20/2011</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>56,648</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(55,707)</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>941</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Goldman Sachs</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/20/2011</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113,295</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(111,415)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,880</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9px" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>90,000</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>203,972</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(200,546)</B></FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,426</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Settled transactions</FONT></B></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="19%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="26%" colSpan=5 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation 2011</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="26%" colSpan=5 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation 2010</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="19%" align=center><FONT size=1 face=Arial><B>Counterparties</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Notional</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>(EUR</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Asset position</B></FONT><FONT size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial><B>(R$)</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Liability</B></FONT><FONT size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial><B>position (R$)</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Received /</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>(paid) in</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>2011</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Notional</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>(EUR</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>thousand)</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Asset position</B></FONT><FONT size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial><B>(R$)</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Liability</B></FONT><FONT size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial><B>position (R$)</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Fair value in</B></FONT><FONT size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial><B>2010</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Impact on P&amp;L</B></FONT><FONT size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial><B>in 2011</B></FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=19>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Deutsche Bank</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>210,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>475,582</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(481,504)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,922)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>56,648</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(55,707)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>941</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,863)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Goldman Sachs</I></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>140,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>321,800</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(319,448)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,352</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113,295</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(111,415)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,880</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>472</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>HSBC</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,029</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,413)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>616</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,029</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,424)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>605</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>Itau BBA</I></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>199,820</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(197,116)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,704</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,704</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>450,000</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,031,231</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,031,481)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(250)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>90,000</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>203,972</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(200,546)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,426</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(3,676)</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The position of outstanding transactions was recognized in the Company&#8217;s assets and totals R$13,250 as of December 31, 2011 (R$3,426 in assets as of December 31, 2010) and its effects are recognized in the Company&#8217;s finance income (costs) as a gain totaling R$9,574 as of December 31, 2011 (loss of R$6,763 as of December 31, 2010) (see Note 26).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Real-Commercial U.S. Dollar Exchange Rate Futures</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>It seeks to hedge foreign-denominated liabilities against the real fluctuation. The Company may buy or sell commercial U.S. dollar futures on the Commodities and Futures Exchange (BM&amp;F) to mitigate the foreign exchange exposure of its US dollar-denominated liabilities. The specifications of the Real-U.S. dollar exchange rate futures contract, including detailed explanation on the contract&#8217;s features and the calculation of daily adjustments, are published by the BM&amp;F and disclosed on its website (www.bmf.com.br).In 2011, the Company did not contract U.S. dollar futures transactions.</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Throughout 2010, the Company paid R$179,564 and received R$259,490 in adjustments, thus with a gain of R$79,926.Gains and losses from these contracts are directly related to the foreign exchange fluctuations.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other derivatives</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The subsidiary Lusosider carries out transactions with derivatives to hedge its exposure against the euro-dollar fluctuation. As of December 31, 2011, the gross position was US$35,352 thousand and the net position was US$144 thousand (including the derivatives below).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-48</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_185"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="17%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="16%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="17%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="63%" colSpan=7 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="17%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Counterparties</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="16%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Transaction</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>maturity</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="17%" align=center><FONT size=1 face=Arial><B>Notional (US$</B></FONT>&nbsp;&nbsp;<FONT size=1 face=Arial><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="29%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation (R$)</B></FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>(market)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Asset</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>position</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liability</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>position</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amount</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>receivable</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="17%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>BES</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="16%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4/30/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="17%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,208</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,017</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,049)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,968</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>BNP</I></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="16%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/31/2012</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,219</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,453)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10px" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,766</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="16%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="17%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>35,208</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>66,236</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(59,502)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10px" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,734</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The position of outstanding transactions was recognized in the Company&#8217;s assets and totals R$6,734 as of December 31, 2011.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On September 26, 2011, the subsidiary Tecon settled its derivative transactions used to hedge its exposure to Real-Yen fluctuation, the notional amount of which was JPY 2,390,398 (outstanding short position of R$8,042 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains or losses on these transactions as of December 31, 2011 are consolidated into the Company&#8217;s finance income (costs) as a gain totaling R$16,501 (loss of R$8,388 in 2010) (see Note 26).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of the US dollar-to-real exchange swap</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based in the assumption of maintaining, as a probable scenario, the fair values as of December 31, 2011 recognized in assets, amounting to R$37,020 and in liabilities, amounting to R$847.The Company considered the scenarios below for the real-dollar parity volatility.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% real appreciation) R$-US$ parity of 1.4069;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% real appreciation) R$-US$ parity of 0.9379;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% real depreciation) R$-US$ parity of 2.3448;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (50% real depreciation) R$-US$ parity of 2.8137.</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="34%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="65%" colSpan=11 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Reference</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>value (US$</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Risk</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 1</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 2</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 3</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 4</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.8758</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.4069</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.9379</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.3448</FONT>&nbsp;</TD>

   <TD width="1%" align=right>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.8137</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="34%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net currency swap</B></FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>267,856</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(125,611)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(251,222)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,611</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>251,222</FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="34%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Exchange position functional currency BRL</B></FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>891,086</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(417,875)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(835,749)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>417,875</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>835,749</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(not incluing exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="34%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated exchange position</B></FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,158,942</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(543,486)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,086,971)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>543,486</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%">&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,086,971</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sensitivity analysis of the euro-to-dollar exchange swap</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of December 31, 2011 recognized in assets, amounting to R $13,250.The Company considered the scenarios below for the real-euro parity volatility.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% real appreciation) R$-euro parity of 1.8257;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% real appreciation) R$-euro parity of 1.2171;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% real depreciation) R$-euro parity of 3.0428;</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-49</P>

<HR align=center SIZE=2 width="100%" noShade>



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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (50% real depreciation) R$-euro parity of 3.6513.</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="34%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="65%" colSpan=11 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Reference</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Risk</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>value (EUR</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 1</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 2</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 3</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 4</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.4342</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.8257</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.2171</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.0428</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.6513</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net currency swap</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>euro fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(90,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,770</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>109,539</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(54,770)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(109,539)</FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Exchange position functional currency BRL</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>euro fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,496</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,954)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,907)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,954</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,907</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(not incluing exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated exchange position</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>euro fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(83,504)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,816</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>101,632</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50,816)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(101,632)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of exchange exposure to australian dollar</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of December 31, 2011.The Company considered the scenarios below for the real-australian dollar parity volatility.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% real appreciation) R$-A$ of 1.4337;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% real appreciation) R$-A$ of 0.9558;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% real depreciation) R$-A$ parity of 2.3895;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (50% real depreciation) R$-A$ parity of 2.8674.</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="34%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="65%" colSpan=11 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Reference</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

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   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

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   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 12px" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Risk</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>value (A$</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 1</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 2</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 3</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 4</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.9116</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.4337</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.9558</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.3895</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.8674</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Exchange position functional currency BRL</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Australian dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>302,553</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(144,590)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(289,180)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>144,590</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>289,180</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of exchange dollar-to-euro swap</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of December 31, 2011 recognized in assets, amounting to R $6,734.The Company considered the following scenarios for the real-euro parity volatility.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% real appreciation) euro-dollar parity of 0.9856;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% real appreciation) euro-dollar parity of 0.6571;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% real depreciation) euro-dollar parity of 1.6426;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (50% real depreciation) euro-dollar parity of 1.9712.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-50</P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="65%" colSpan=11 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

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   <TD width="10%" align=left>&nbsp;</TD>

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   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Reference</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

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   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Risk</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>value (US$</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 1</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 2</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 3</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Scenario 4</B></FONT>&nbsp;</TD></TR>

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   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.3141</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.9856</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.6571</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.6426</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.9712</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net currency swap</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,208</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,567)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,133)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,567</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,133</FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="35%" colSpan=2 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Exchange position functional currency EURO </B></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=Arial>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(35,352)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,614</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,228</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,614)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,228)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(not incluing exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated exchange position</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(144)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(47)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(95)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Interest rate risk</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Short- and long-term liabilities to indexed to floating </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>interest rate and inflation indices</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>. Due to this exposure, the Company undertakes derivative transactions to better manage these risks.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Interest rate swap transactions (LIBOR to CDI)</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The objective of these transactions is to hedge transactions indexed to US dollar LIBOR against fluctuations in Brazilian interest rates. Basically, the Company carried out swaps of its obligations indexed to the LIBOR, in which it receives interest of 1.25% p.a. on the notional value of the dollar (long position) and pays 96% of the CDI on the notional amount in reais at the contract date (short position).The notional amount of this swap as of December 31, 2011 is US$107,500 thousand, hedging an export prepayment transaction in the same amount. The gains and losses on these contracts are directly related to fluctuations in exchange rates (US$) and interest rates (LIBOR and CDI).In general, these are transactions conducted in the Brazilian over-the-counter market that have as a counterparty a prime financial institution.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011, the position of these contracts is as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 18pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Outstanding transactions</FONT></B></P>

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0>



<TR>

   <TD width="17%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="24%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="24%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" colSpan=7 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="24%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Notional</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="24%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(US$</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" width="24%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation (R$)</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(market) (R$)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=middle width="17%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Counterparties</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="24%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Transaction maturity</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Long</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>position</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Short</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>position</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amount</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>payable</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="17%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>CSFB</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="24%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2/13/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>107,500</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>182,432</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(184,556)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,124)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="24%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" colSpan=7 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="24%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Notional</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="24%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(US$</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" width="24%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation (R$)</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>thousand)</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(market) (R$)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=middle width="17%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Counterparties</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="24%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Transaction maturity</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Long</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>position</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Short</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>position</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amount</B><FONT size=3 face="Times New Roman">&nbsp;</FONT><B>payable</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="17%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>CSFB</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="24%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2/12/2011</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,575</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(257,584)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,009)</FONT>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 18pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Settled transactions</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-51</P>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

   <TD width="9%">&nbsp;</TD>

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   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

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   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

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   <TD width="8%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="9%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="9%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="26%" colSpan=5 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation 2011</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center>&nbsp;&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="26%" colSpan=5 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Appreciation 2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=middle width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Counterparties</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" vAlign=middle width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Maturity</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Notional (US$ </B></FONT><FONT size=1 face=Arial><B>thousand)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Long position </B></FONT><FONT size=1 face=Arial><B>(R$)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Short position </B></FONT><FONT size=1 face=Arial><B>(R$)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Paid in 2011</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" vAlign=middle width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Notional(US$</B></FONT>&nbsp;<FONT size=1 face=Arial><B>thousand)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Long position </B></FONT><FONT size=1 face=Arial><B>(R$)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Short position</B></FONT> <FONT size=1 face=Arial><B>(R$)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Fair value in</B></FONT> <FONT size=1 face=Arial><B>2010</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Arial><B>Impact on</B></FONT> <FONT size=1 face=Arial><B>P&amp;L in 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>CSFB</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14/2/2011</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>255,238</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(260,757)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,519)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,575</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(257,584)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,009)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,510)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>CSFB</I></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/5/2011</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>255,151</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(260,582)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,431)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,431)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>CSFB</I></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/8/2011</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>129,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>219,172</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(224,641)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,469)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,469)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><I>CSFB</I></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14/11/2011</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>129,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>219,547</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(224,607)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,060)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,060)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>558,000</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>949,108</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(970,587)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(21,479)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>150,000</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>254,575</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(257,584)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(3,009)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(18,470)</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The position of outstanding transactions was recognized in the Company&#8217;s liabilities and totals R$2,124 in 2011 (R$3,009 in liabilities as of December 31, 2010) and its effects were recognized in the Company&#8217;s finance income (costs) as loss totaling R$20,594 (loss of R$18,864 in 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of interest rate swaps (LIBOR to CDI)</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of December 31, 2011 recognized in liabilities, amounting to R$2,124.The Company considered the following scenarios for the LIBOR (US$) and CDI interest rates volatility.</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="28%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="71%" colSpan=11 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Notional (US$ thousand)</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" vAlign=middle width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Risk</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25%</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>50%</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25%</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>50%</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>LIBOR-to-CDI interest rate swap</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>107,500</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(Libor) US$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,586)</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,176)</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,586</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,176</FONT></TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of changes in interest rates</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company considers the effects of a 5% increase or decrease in interest rates on its outstanding borrowings, financing and debentures as of December 31, 2011 in the financial statements.</FONT></P>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="59%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif><B>Impact on profit or loss</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="59%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Changes in interest rates</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>% p.a.</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left>&nbsp;<FONT size=1 face=Arial><B>12/31/2010</B></FONT> </TD></TR>

<TR vAlign=bottom>

   <TD width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,372</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,465</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Libor</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.81</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,941</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,102</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CDI</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.87</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72,607</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,103</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Share market price risks</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is exposed to the risk of changes in equity prices due to the investments made and classified as available-for-sale. Equity investments refer to blue chips traded on BOVESPA.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following table summarizes the impact of the changes in prices of financial instruments classified as available-for-sale on profit or loss for the year and equity, in other comprehensive income:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="29%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Profit (loss) for the year</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #000000 1px solid" width="29%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other comprehensive income</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net change in the fair value of financial<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"> &nbsp;</FONT>instruments classified as available for sale</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(621,312)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>515,573</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(767,015)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>552,461</FONT>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On April 20, 2011, the Company sold 100% of its equity interest held in Riversdale&#8217;s share capital, corresponding to 47,291,891 shares at the price of A$16.50 per share, totaling a gain of R$698,164.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company considers as probable scenario the amounts recognized at market prices as of December 31, 2011. Sensitivity analysis is based on the assumption of maintaining as probable scenario the market values as of December 31, 2011. </FONT>

<a name="page_189"></a>
<FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Therefore, there is no impact on the financial instruments classified as available for sale already presented above. The Company considered the following scenarios for volatility of the shares:</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-52</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_189></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">




<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% appreciation of shares);</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% appreciation of shares);</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% devaluation of shares);</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (50% devaluation of shares); </FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="35%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" colSpan=9 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Impact on profit and equity</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Companies</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Probable</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25%</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>50%</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25%</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>50%</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Usiminas</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(767,924)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509,296</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,018,593</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(509,296)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,018,593)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Panatl&#226;ntica</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>909</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,663</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,326</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,663)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,326)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="35%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(767,015)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>511,959</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,023,919</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(511,959)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,023,919)</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Credit risks</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The exposure to credit risks of financial institutions is in line with the parameters established in the financial policy.The Company adopts the practice of analyzing in detail the financial position of its customers and suppliers, establishing a credit limit and conducting ongoing monitoring of the outstanding balance.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As regards short-term investments, the Company only makes investments in institutions with low credit risk as rated by credit rating agencies. As part of the funds is invested in repo (repurchase agreements) backed by Brazilian government bonds, there is also exposure to Brazil&#8217;s sovereign risk.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Capital management</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company manages its capital structure to ensure that it will be capable of providing return to its shareholders and benefits to other stakeholders, and maintain an optimal capital structure to reduce this cost.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>V &#8211; Margin deposits</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company holds margin deposits totaling R$407,467 (R$254,485 as of December 31, 2010); this amount is invested at Deutsche Bank as guarantee of the derivative financial instrument contracts, specifically swaps between CSN Islands VIII and CSN.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>16.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER PAYABLES</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The group of other payables classified in current and non-current liabilities is comprised as follows:</FONT></P>

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amounts due to related parties (*)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>178,635</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148,364</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,094,453</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,028,924</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrealized losses on derivatives (Note 15 I)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,971</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,430</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,494</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends and interest on capital payable</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>928,924</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>631,344</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Advances from customers</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,868</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,361</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes in installments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>313,201</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>656,678</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,910,576</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>859,898</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Profit sharing - employees</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,755</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,243</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>149,091</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>176,555</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>215,061</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>178,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,728,445</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,854,952</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,593,520</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,321,666</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-53</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_190></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) The nature of transactions with related parties are described in note 4.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>17.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>GUARANTEES&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is liable for guarantees for its subsidiaries and jointly controlled entities, as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Currency</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Maturities</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Borrowings</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Tax collections</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=21>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transnordestina</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Up to 5/8/2028<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"> </FONT>and undefined</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,358,657</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,145,397</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,800</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,686</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,186</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,368,143</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,150,583</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Cimentos</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Up to 11/18/2014<FONT size=3 face="Times New Roman"> </FONT>and undefined</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,213</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,745</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,097</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,987</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,310</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,732</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prada</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Up to 12/10/2013<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"> </FONT>and undefined</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,958</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,958</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,440</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>740</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,398</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,698</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sepetiba Tecon</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/31/2012</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>700</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,465</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>61,519</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>700</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,984</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9/15/2013</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,326</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,587</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,326</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,587</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Energia</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Up to 12/30/2012<FONT size=3 face="Times New Roman"> </FONT>and undefined</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,392</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,029</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,336</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,336</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,728</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,365</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Congonhas Min&#233;rios</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5/21/2018</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total in R$</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,366,683</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,156,449</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>44,363</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>58,732</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>42,559</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>96,768</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,453,605</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,311,949</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="100%" colSpan=21>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VIII</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/16/2013</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>550,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands IX</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/15/2015</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>400,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>400,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>400,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>400,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XI</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9/21/2019</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XII</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Perpetual</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>A&#231;os Longos</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/31/2011</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,431</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,431</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Resources</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7/21/2020</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total in US$</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,700,000</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,704,431</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,700,000</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,704,431</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total in R$</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,940,460</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,172,323</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,940,460</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,172,323</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,307,143</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,328,772</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>44,363</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>58,732</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>42,559</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>96,768</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,394,065</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,484,272</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TAXES IN INSTALLMENTS</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Tax Recovery Program (REFIS)</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Federal REFIS</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On November 26, 2009, the Company, its subsidiaries and jointly controlled entities joined the Tax Recovery Programs established by Law 11941/09 and Provisional Measure 470/2009, aimed at settling tax liabilities through a special payment system and installment plan for the settlement of tax and social security obligations. Joining the special tax programs reduced the amount of fines, interest and legal charges previously due.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Management&#8217;s decision took into consideration matters already judged by higher courts, as well as the assessment of outside legal counsel regarding the possibility of favorable outcomes in the contingencies in progress.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The tax debts enrolled under Provisional Measure 470/09 were payable in 12 installments, starting November 2009.In July 2010, the Company elected to offset income tax and social contribution carryforwards against the last four installments of the installment plan, as allowed by relevant legislation.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In November 2009 and February 2010, the debts payable enrolled in the installment plan under Law 11,941/09, already recognized through provisions, were reviewed based on the reductions in debits set forth in special programs, according to the waiver date of administrative appeals or legal proceedings. In the first quarter of 2010, the negative effect before income tax and social contribution of R$42,365 was accounted for in other operating income and expenses and in finance income (costs) (see Notes 25 and 26).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In June, 2011, the Group companies consolidated the debts enrolled in the tax program set forth by Law 11941/09, payable in 180 SELIC-adjusted installments. As a result of the consolidation, the provision increased R$19,734 in the second quarter of 2011, recognized in line item Finance income (costs) and other expenses, before income tax and social contribution.</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-54</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_191"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>With respect to judicial deposits linked to REFIS proceedings, the Company obtained a favorable opinion from the National Treasury Attorney General&#8217;s Office (PGFN) and the Federal Revenue Service (RFB) on the treatment given to the excess deposit generated after application of the reductions obtained for tax payment in cash.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Accordingly, the Company filed a request for offset of the deposit surplus against taxes in installments under the Law 11941 REFIS program with the PGFN. We are awaiting a reply from the PGFN of the intended offset.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#1f497d face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The position of REFIS debts recorded in taxes in installments in current and non-current liabilities as of December 31, 2011 was R$2,094,741 (R$1,444,207 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>19.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROVISIONS FOR TAX, SOCIAL SECURITY, LABOR AND CIVIL RISKS AND JUDICIAL DEPOSITS</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Claims of different nature are being challenged at the appropriate courts. Details of the accrued amounts and related judicial deposits are as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Judicial deposits</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Accrued liabilities</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Judicial deposits</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Accrued liabilities</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Social security and labor</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,443</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>284,556</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>107,100</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>247,212</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Civil</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,909</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94,183</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47,216</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,331</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ambiental</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,159,881</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94,317</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>878,309</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>86,342</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Judicial deposits</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,928</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,160</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,369,161</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>479,962</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,078,785</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>414,385</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Legal obligations challenged in court:</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="40%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>IPI premium credit</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,227,892</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,227,892</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSLL credit on exports</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,016</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>401,916</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="40%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Salary premium for education</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,189</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,121</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,189</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,121</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CIDE</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,895</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,246</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,211</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,545</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="40%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax on &#8221;Plano Ver&#227;o&#8221;</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>345,676</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,892</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>341,551</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,892</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,893</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>92,226</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,078</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113,552</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>391,653</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>158,501</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,695,921</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,824,918</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,760,814</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>638,463</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,774,706</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,239,303</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total current</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>292,178</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>222,461</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total non-current</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,760,814</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>346,285</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,774,706</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,016,842</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The changes in the provisions for contingencies in the year ended December 31, 2011 were as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="78%" colSpan=13 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current + Non-current</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="21%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Nature</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Additions</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT size=1 face=Arial><B>Inflation </B></FONT><B>adjustment</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Transfer (*)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Utilization</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Civil</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,831</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,188</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,639</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,569)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>101,089</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>87,343</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,622</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>188,188</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,383</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,019</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(63,570)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>223,020</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>204,615</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>164,839</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,911,260</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>68,915</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,597,659)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(154,604)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>252,818</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>220</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Social security</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,024</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,726</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(242)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>61,536</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,239,303</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>136,514</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>100,290</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,597,659)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(239,985)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>638,463</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>292,178</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>222,461</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>(*) The transfers to taxes in installments were made due to the compliance with Law 11,941/09 and refer to the social contribution on exports (CSLL Exporta&#231;&#227;o), </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>COFINS Law 10833/03</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>, CIDE and State VAT (IPI) on exports premium credit.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-55</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_192"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The provisions for civil, labor, tax, environmental and social security liabilities were estimated by management and are mainly based on the legal counsel&#8217;s assessment. Only proceedings for which the risk is classified as probable loss are accrued. Moreover, these provisions include tax liabilities resulting from contingencies filed by the Company, subject to SELIC (Central Bank&#8217;s policy rate).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The Company and its subsidiaries are defendants in other administrative and judicial proceedings (labor, civil, tax and environmental), in the approximate amount of R$6,880,921, of which R$525,139 related to civil lawsuits, R$45,078 related to environmental and R$1,114,509 to labor and social security lawsuits. The assessments made by legal counsel define these administrative and judicial proceedings as entailing risk of possible loss and, therefore, no provision was recorded in conformity with Management&#8217;s judgment and accounting practices.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>As for the tax lawsuits these represent R$5,196,195, and R$1,687,349 from this total refers to the assessment notice issued against the Company for an alleged nonpayment of income tax (IRPJ) and social contribution on net income (CSLL) on profits recognized in the balance sheets of its subsidiaries in Luxembourg. In view of the recent changes in administrative and judicial decisions, our outside legal counsel believes that this decision will not reach the profits recognized and not yet made available by our foreign subsidiaries, subject matter of the assessment notice, in light of the protection granted by the Brazil-Luxembourg treaty. However, because of the current undefined position of administrative and judicial courts, the possibility of an unfavorable outcome was classified as possible.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>a) Labor lawsuits</FONT></U></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>As of December 31, 2011, the Company and its subsidiaries is a defendant in </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12,993 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>labor lawsuits, for which a provision has been recorded in the amount of R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>223,020 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>(R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>188,188 as </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>of December 31, </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2010</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>). Most of the claims relate to subsidiary and/or joint liability, salary equalization, health hazard premiums and hazardous duty premiums, overtime pay, difference in the 40% fine for the severance pay fund (FGTS) as a result of federal government economic plans, health care plan, indemnity contingencies resulting from alleged occupational diseases or on-the-job accidents, and differences in profit sharing from 1997 to 1999 and from 2001 to 2003.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>b) Civil lawsuits</FONT></U></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Among the civil lawsuits in which the Company is a defendant are claims for compensation. Generally these lawsuits result from on-the-job accidents, occupational diseases and contractual litigation related to the Company&#8217;s industrial activities and its subsidiaries. For lawsuits involving civil matters, a provision has been recognized in the amount of R$94,183 as of December 31, 2011 (R$80,331 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>c) Tax lawsuits</FONT></U></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution</FONT></U></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(i) &#8220;Plano Ver&#227;o&#8221;</FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> - The Company is claiming the recognition of financial and tax effects on the calculation of income tax and social contribution, related to removal by the government of inflation measured according to the Consumer Price Index (IPC) in January and February 1989, involving a total percentage figure of 51.87% (&#8220;Summer Plan&#8221;).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2004 the lawsuit was terminated with a final and unappealable decision that granted the right to apply the index of 42.72% (January 1989), with the 12.15% already applied to be deducted from this index. The final decision also granted application of the index of 10.14% (February 1989).The proceeding is currently at expert discovery stage.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2011, there is an amount of R$345,676 (R$341,551 as of December 31, 2010) deposited in court, classified in a specific account of judicial deposits in long-term receivables, and a provision of R$20,892 (R$20,892 as of December 31, 2010), which represents the portion not recognized by the courts.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center">FS-56</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_193></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(ii) CSLL Export (Social Contribution on Income from Export Revenues)</FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> &#8211; In February 2004 the Company filed a lawsuit claiming that it should not be subject to payment of CSLL (social contribution) on its export revenues/profits, as well as to obtain court authorization to offset all the amounts of CSLL incorrectly paid on such export revenues/profits since the publication of Constitutional Amendment 33/2001, which provided new wording to article 149, paragraph 2 of the 1988 Federal Constitution (CF/88), by determining that &#8220;social contributions shall not be levied on export revenues&#8221;.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Since then the Company was maintaining the CSLL on export revenues/profits in a provision; however, after the STF ruling on Extraordinary Appeal (RE) 564,413 (leading case) in a vote on the non-levy of CSLL on taxpayers&#8217; exports, still not yet published, the Company decided to include this lawsuit in the installment plan established by Law 11941/09 (REFIS).The adjusted amount of the lawsuit included in the installment plan was R$365,466.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Economic Intervention Contribution (CIDE)</FONT></U></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company was challenging the legal validity of Law 10168/00, which introduced the collection of CIDE on amounts paid, credited or remitted to non-resident beneficiaries by way of royalties or compensation for agreements involving supply, technical assistance, assignment and licenses for use of trademarks and patents.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The ruling at the lower court was unfavorable and this was upheld by the 2<SUP>nd</SUP> Region TRF (Federal regional Court).The Company filed Appeals for Declaratory Judgment, which were dismissed, and an extraordinary appeal was filed with the STF, admissibility of which is presently awaiting the higher court&#8217;s decision.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In view of the unfavorable decisions and the benefits involving reduction in fines and interest, the Company&#8217;s Board of Directors approved including the amounts covered by the court litigation in the tax recovery program introduced by Law 11941/2009.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>After application of the benefits of this program, the Company maintains judicial deposits in the amount of R$6,200, of which R$2,895 involves excess deposits after application of the REFIS reductions that may be offset converted into income. As of December 31, 2011 there is a provision recognized in the amount of R$3,246 (R$3,246 as of December 31, 2010), including legal charges.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Salary premium for education &#8211; &#8220;Sal&#225;rio Educa&#231;&#227;o&#8221;</FONT></U></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has filed a lawsuit challenging the constitutionality of the salary premium for education and for discussing the possibility of recovering the amounts paid in the period from January 5, 1989 to October 16, 1996. The lawsuit was unsuccessful, and the TRF upheld the decision unfavorable to CSN, a decision that is final and unappealable</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In view of the final and unappealable decision, CSN tried to make payment of the amount due, though the FNDE and INSS did not reach an agreement as to which agency should receive it. They also required that the amount should be paid along with a fine, with which the Company did not agree.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Lawsuits were then filed challenging the above events, with judicial deposit of the amounts involved in the lawsuits. In the first lawsuit, the lower court partly accepted the Company&#8217;s request, with the judge deducting the fine, but upholding the SELIC rate, with counterarguments against the defendant&#8217;s appeal against the SELIC rate.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The accrued amount and judicial deposit as of December 31, 2011 totals R$33,121 (R$33,121 as of December 31, 2010). </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On-the-job accident insurance - SAT</FONT></U></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is challenging in court the increase in the SAT rate from 1% to 3% (first lawsuit), and is also challenging the increase in SAT for purposes of the Special Retirement Contribution, which was set at 6%, according to legislation applicable to employees exposed to toxic material (second lawsuit).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center">FS-57</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_194></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As regards the first lawsuit mentioned above, the lower court decision was unfavorable and the lawsuit is now being judged by the 2<SUP>nd</SUP> Region TRF. With respect to the second lawsuit, its decision was unfavorable to the Company and the amount due in this lawsuit, R$33,077, was deposited in court, in favor of the INSS (National Institute of Social Security).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The accrued amount as of December 31, 2011 totals R$61,536 (R$59,024 as of December 31, 2010), which includes legal charges and refers exclusively to the lawsuit related to the increase from 1% to 3% for all the Company&#8217;s locations and its subsidiary Cia Metal&#250;rgica Prada&#8217;s locations. </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In view of the likelihood of loss in this court challenge, the CSN Board of Directors approved including the amount relating to this matter in the installment payment program under Law 11941/2009.Due to joining the REFIS and waiver of the lawsuit challenging the rate increase from 1% to 3%, CSN included the unassessed period in the Ordinary Installment Payment Program, in 60 stallments.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>IPI export premium credit</FONT></U></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The tax legislation allowed Brazilian companies to recognize a federal VAT (IPI) premium credit until 1983, when by executive order from the government these benefits were cancelled and it was no longer permitted to utilize these credits.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company challenged the constitutionality of this act and filed a lawsuit claiming the right to utilize the IPI premium credit on exports from 1992 to 2002, since only laws passed by the legislature can cancel or revoke benefits granted by past legislation.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On August 13, 2009, the STF rendered a decision, with general repercussion, determining that the IPI premium credit was only in effect through October 1990.Accordingly, the credits accrued after 1990 were not recognized and, in view of this STF decision, the Company&#8217;s Board of Directors approved including this matter in the tax recovery program for tax debts introduced by Provisional Measure 470/09 and Law 11941/09, which entails benefits in terms of reduction of fines, interest and legal charges.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company maintained a provision for the amount of the credits already offset, plus late payment charges through September 30, 2009.The new amount of debt after application of the reductions prescribed in the program under Law 11941/09 was offset against the judicial deposits related to these lawsuits, resulting in excess deposits in the amount of R$516 million after application of the REFIS reductions, which can be refunded.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The debts under Provisional Measure (MP) 470/09 were paid in 12 installments as from November 2009, with the last four installments being replaced by the use of the income tax and social contribution tax loss carryforwards, in the manner provided by relevant legislation.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Other&nbsp;</FONT></U></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has also recognized provisions for lawsuits relating to INSS, FGTS Complementary Law 110, COFINS Law 10833/03, PIS Law 10637/02 and PIS/COFINS &#8211; Manaus Free Trade Zone, totaling R$90,703 as of December 31, 2011 (R$84,367 as of December 31, 2010), which includes legal charges.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>With respect to the COFINS Law 10833/03 debt, the Board of Directors approved inclusion of the related amounts in the tax recovery program under Law 11941/09.The Company maintained a provision for the amount of these credits already offset, plus late payment charges through September 30, 2009.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The new amount of debts after application of the reductions allowed under the program of Law 11941/09 was offset against judicial deposits related to these lawsuits, resulting in excess deposits in the amount of R$9,141 after application of the REFIS reductions, which may be refunded.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>d) Other</FONT></U></B></P>

<P style="TEXT-ALIGN: center">FS-58</P></DIV>

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&nbsp;
<A name=page_195></A>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Competition&nbsp;</FONT></U></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On June 14, 2010, the Regional Federal Court of Bras&#237;lia rejected the annulment action filed by CSN against CADE (The Anti-Trust Board), which aimed at annulling its fine for the alleged infringements laid down in Articles 20 and 21, I, of Law 8884/1984.The Company filed appropriate appeals against this decision, which were dismissed, resulting in the filing of a Motion for Clarification, which is pending judgment. The collection of the R$65,292 fine is suspended by a Court decision, which stays the collection as from the date CSN issued a guarantee letter. This action is classified as risk of possible loss.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Environmental&nbsp;</FONT></U></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The environmental administrative/judicial proceedings filed against the Company include mainly administrative proceedings for alleged environmental irregularities and the regularization of environmental permits; at the judicial level, the Company is a party to actions collecting the fines imposed for such alleged environmental irregularities, and public civil actions claim regularization coupled with compensation, in most cases claiming environmental recovery. In general these proceedings arise from alleged damages to the environment related to the Company&#8217;s industrial activities. The environmental proceedings total R$6,906 (R$500 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Arbitration&nbsp;</FONT></U></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Refers to an arbitration proceeding filed with the ICC for the purpose of determining possible damages due to breach of contract, in the estimated amount of R$84,323 (US$53.0 million).The proceeding is at initial arguments presentation and documentary evidence stage. This proceeding is classified as risk of possible loss.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>20.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROVISIONS FOR ENVIRONMENTAL LIABILITIES AND </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>DECOMMISSIONING OF ASSETS</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a) Environmental liabilities</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>As of </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>December 31, 2011, </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>a provision is recognized in the amount of R$312,612 (R$278,106 as of December 31, 2010) for expenditures relating to environmental investigation and recovery services for potentially contaminated areas surrounding establishments in the States of Rio de Janeiro, Minas Gerais and Santa Catarina. Estimated expenditures will be reviewed periodically and the amounts already recognized will be adjusted whenever needed. These are management&#8217;s best estimates considering recovery studies in areas that have been degraded and are in the process of being used for activities. These provisions are recognized in operating expenses.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The provisions are measured at the present value of the expenditures required to settle the obligation, using a pretax rate that reflects current market assessments of the time value of money and the specific risks of the obligation. The increase in the obligation due to passage of time is recognized as other operating expenses.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The long-term interest rate used to discount to present value and update the provision through December 31, 2011 is 11.00%.The liability recognized is periodically updated based on these discount rates plus the general market price index (IGPM) for the period.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b) Decommissioning of Assets</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Obligations on decommissioning of assets consist of estimated costs for decommissioning, retirement or restoration of areas upon the termination of activities related to mining resources. The initial measurement is recognized as a liability discounted to present value and subsequently through increase in expenses over time. &nbsp;The asset decommissioning cost equivalent to the initial liability is capitalized as part of the carrying amount of the asset, being depreciated over the useful life of the asset. The liability recognized as of December 31, 2011 is R$24,327 (R$17,421 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>21.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SHAREHOLDERS&#180; EQUITY</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center">FS-59</P>

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&nbsp;
<A name=page_196></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i. Issued capital </FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Fully subscribed and paid-in capital as of December 31, 2011 is R$1,680,947 (R$1,680,947 as of December 31, 2010) represented by 1,457,970,108 (1,483,033,685 as of December 31, 2010) book-entry common shares without par value. Each common share entitles its holder to one vote in Shareholders&#8217; Meetings. The Extraordinary Shareholders&#180; Meeting held on March 25, 2010 approved the stock split, at the ratio of one (1) common share for each two (2) shares.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii.Authorized capital</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s bylaws in effect as of December 31, 2011 determine that the capital can be raised to up to 2,400,000,000 shares by decision of the Board of Directors.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii.Legal reserve</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This reserve is recognized at the rate of 5% of the profit for each period, as provided for by Article 193 of Law 6404/76.This reserve ceiling, as prescribed by prevailing legislation, has already been reached.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iv.Treasury shares</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011, the Company did not have any treasury shares. On August 2, 2011, the Company approved the cancelation of 25,063,577 existing treasury shares without decreasing capital.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>v. Ownership structure</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>December 31, 2011, the Company&#8217;s ownership structure was as follows</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>:&nbsp;</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="28%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" colSpan=5 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" colSpan=5 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>31/12/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Quantity of<FONT size=3 face="Times New Roman"> </FONT>ordinary shares</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>% total of<FONT size=3 face="Times New Roman"> </FONT>shares</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>% without<FONT size=3 face="Times New Roman"> </FONT>treasury shares</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" vAlign=middle width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Quantity of ordinary<FONT size=3 face="Times New Roman"> &nbsp;</FONT>shares</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=middle width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>% total of<FONT size=3 face="Times New Roman"> </FONT>shares</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>% without<FONT size=3 face="Times New Roman">&nbsp;</FONT>treasury<FONT size=3 face="Times New Roman"> </FONT>shares</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vicunha Siderurgia S.A.</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>697,719,990</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47.86%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47.86%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>697,719,990</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47.05%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47.86%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rio Iaco Participa&#231;&#245;es S.A. (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,193,503</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.99%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.99%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,193,503</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.92%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.99%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Caixa Beneficente dos Empregados da CSN - CBS</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,788,231</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.88%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.88%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,788,231</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.86%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.88%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDESPAR</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,773,516</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.18%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.18%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,773,516</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.14%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.18%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>NYSE - ADRs</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,772,695</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25.64%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25.64%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>358,913,048</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24.20%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24.62%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BOVESPA</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>283,722,173</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.45%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.45%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>298,581,820</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21.83%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20.47%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,457,970,108</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>100.00%</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>100.00%</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,457,970,108</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>98.31%</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>100.00%</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Treasury stock</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,063,577</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.69%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="11%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total shares</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,457,970,108</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>100.00%</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,483,033,685</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>100.00%</B></FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="11%" align=left>&nbsp; </TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Rio Iaco Participa&#231;&#227;o S. A. is a company part of the control group.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>vi. Changes in outstanding shares</FONT></B></P>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Number of shares</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #000000 1px solid" width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Treasury shares</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balance at December 31,2009</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,457,970,108</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>52,389,112</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cancelation of shares</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(27,325,535)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balance at December 31,2010</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,457,970,108</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25,063,577</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cancellation of shares</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,063,577)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balance at December 31,2011</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,457,970,108</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=center>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>22.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PAYMENT TO SHAREHOLDERS</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center">FS-60</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_197"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="84%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="84%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="84%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Profit for the year</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,706,033</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="84%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reversion of prior year unrealized earnings reserve</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,779,357</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="84%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Basic profit used to determine dividends</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,485,390</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#f2f2f2 width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="84%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Proposed allocation:</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="84%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Statutory reserve (working capital) (*)</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,717,390)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="84%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment reserve</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(568,000)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="84%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total allocation to reserves</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(6,285,390)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="84%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proposed dividends</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,200,000)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="84%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total proposed dividends</B></FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,200,000)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="84%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Weighted average number of shares</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="84%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends and interest on capital per share</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0,8231</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="84%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Additional information:</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="84%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mandatory minimum dividends for the year (**)</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>926,508</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="84%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends from previous years</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,373</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="84%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Dividends payable</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>927,881</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) The Annual General Meeting shall decide on the allocation of excess of the Reserve.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(**) CSN&#8217;s bylaws require the distribution of mandatory minimum dividends of 25% of the net income after the deduction of the legal reserves.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>23.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>NET SALES REVENUE</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Net sales revenue are comprised as follows:</FONT></P>

<TABLE style="WIDTH: 70%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Gross revenue</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,366,345</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,201,074</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,488,409</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,417,397</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,270,333</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,197,187</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>19,783,742</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>17,471,407</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>13,685,596</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Deductions</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cancelled sales and discounts granted</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(257,888)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(416,706)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(462,954)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes levied on sales</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,006,270)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,604,191)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,244,278)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(3,264,158)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(3,020,897)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(2,707,232)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net revenue</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,519,584</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14,450,510</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,978,364</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>24.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EXPENSES BY NATURE</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-61</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_198></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Raw Material</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,927,105)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,245,396)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,907,607)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor cost</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,647,545)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,226,087)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,086,005)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Consumable materials</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,084,440)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,061,012)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(907,844)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Maintenance cost</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(969,376)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(856,297)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(691,905)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Outsourcing services</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,981,025)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,542,638)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,577,641)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation, Amortization and Depletion</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(925,790)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(808,215)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(770,068)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others (*)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(445,256)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(161,916)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,196,905)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(10,980,537)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(8,901,561)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(8,137,975)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Rated:</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of sales and/or services</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,800,844)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,882,726)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,210,774)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling expenses</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(604,108)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(481,978)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(447,129)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>General and administrative expenses</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(575,585)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(536,857)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(480,072)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(10,980,537)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(8,901,561)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(8,137,975)</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Include increase/reduction in finished goods and in work in process.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>25.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER OPERATING INCOME (EXPENSES)</FONT></B></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other operating expenses</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes and fees</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(37,499)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(81,394)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(109,753)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of REFIS - Law 11941/09 and MP 470/09</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,119)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,444)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for contingencies and net losses on reversals</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(75,823)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(182,761)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(297,695)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Contractual and nondeductible fines</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(45,537)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(155,445)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(46,882)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed cost of equipment stoppages</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,674)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,213)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,198)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Write-off of obsolete assets</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(85,120)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(32,098)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(99,457)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expenses on studies and project engineering</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(42,050)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,142)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,385)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan (Note 29 c)</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(67,276)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(63,110)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Impairment loss adjustment</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(60,861)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,137)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Healthcare plan (Note 29 d)</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(37,343)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,817)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,257)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(501,302)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(599,424)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(647,764)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left>

   <P style="MARGIN-LEFT: 0%"><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other operating income</B></FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sale of Riversdale shares (Note 11)</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>698,198</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gain on acquisition of "precat&#243;rios"</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,595</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>PIS/COFINS/ICMS untimely credits</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,739</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends received from third parties</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,199</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,780</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>487</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>863,297</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>719,177</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>48,821</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,368,594</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other operating (expenses) income</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>217,875</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(550,603)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>720,830</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>26.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>FINANCE INCOME (COSTS)</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-62</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_199></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="1%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="1%">&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Finance costs:</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing - foreign currency</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(639,197)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(641,632)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(598,849)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Borrowings and financing - local currency</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,622,365)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(791,926)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(277,699)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Related parties</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(389,059)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(374,929)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(365,150)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalized interest</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>353,156</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>215,624</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85,260</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>PIS/COFINS on other revenues</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,230)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,079)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,072)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Losses on derivatives (*)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20,594)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(27,252)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(152,102)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net effect of REFIS - Law 11941/09 and MP 470/09</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(77,335)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,921)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,336</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest, fines and late payment charges</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(264,359)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(283,768)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(281,190)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other finance costs</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(222,938)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(261,570)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(304,049)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(2,883,921)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(2,200,453)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,892,515)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Finance income:</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Related parties</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,300</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,491</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income from short-term investments</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>538,882</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>394,183</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>276,177</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>149,268</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>195,466</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,098</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>717,450</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>643,140</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>586,025</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Inflation adjustments:</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Assets</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,330</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>271</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,465</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Liabilites</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(43,781)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,714)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,266</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(37,451)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(8,443)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>77,731</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Exchange gains (losses):</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- On assets</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,041,200</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(585,719)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(295,526)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- On liabilities</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(753,666)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>398,527</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>995,064</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Exchange gains (losses) on derivatives (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(89,415)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(158,510)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>282,786</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>198,119</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(345,702)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>982,324</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Inflation adjustment and exchange gains (losses), net</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>160,668</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(354,145)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,060,055</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Finance costs, net</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(2,005,803)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,911,458)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(246,435)</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(*) Statement of gains and losses on derivative transactions</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CDI to USD swap</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(115,490)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(231,673)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(581,523)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>EUR to USD swap</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,574</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,763)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Future US dollar</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>79,926</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(231,563)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total return equity swap</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,026,463</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,501</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,388)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(65,248)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(89,415)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(166,898)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>148,129</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Libor to CDI swap</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20,594)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,864)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,445)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(20,594)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(18,864)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(17,445)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(110,009)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(185,762)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>130,684</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>27.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SEGMENT INFORMATION</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to the Company&#8217;s structure, its businesses are distributed into 5 (five) operating segments. Accordingly, we analyzed our information by segment as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Steel Segment consolidates all the operations related to the production, distribution and sale of flat steel, metal containers and galvanized steel, with operations in Brazil, the United States and Portugal. This segment supplies the following markets: construction, steel packaging for the Brazilian chemical and food industries, home appliances, automobile and OEM (motors and compressors).The Company&#8217;s steel units produce hot and cold rolled steel, galvanized and pre-painted steel of great durability. They also produce tinplate, a raw material used to produce metal containers.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-63</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_200"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Overseas, Lusosider, which is based in Portugal, also produces metal sheets, as well as galvanized steel. CSN LLC in the U.S.A. meets local market needs by supplying cold rolled and galvanized steel. For 2013, it is slated to begin production of long steel products. The initial production slated, of 500,000 metric tons per year, will consolidate the company as a source of complete construction solutions, complementing its portfolio of products with high added value in the steel chain.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This segment encompasses the activities of iron ore and tin mining. The high-quality iron ore operations are located in the Iron Quadrilateral in MG, the Casa de Pedra mine in Congonhas, MG, that produces high quality iron ore, as well as the Company&#8217;s subsidiary Nacional Min&#233;rios S.A. (Namisa), which has its own mines, also of excellent quality, and also sells third party iron ore. Furthermore, CSN also owns Estanho de Rond&#244;nia S.A. (ERSA), a company that has both tin mining and casting units.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN holds the concession to operate TECAR, a solid bulk terminal, one of the four terminals that comprise the Itagua&#237; Port, in Rio de Janeiro. Coal and coke imports are carried out through this terminal.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Logistics&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i. Railroad</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN has equity interests in two railroad companies: MRS Log&#237;stica S.A., which manages the former Southeast Network of Rede Ferrovi&#225;ria Federal S.A. (RFFSA), and Transnordestina Log&#237;stica S.A., which operates the former Northeast Network of RFFSA in the States of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) MRS</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The railroad transportation services provided by MRS are based on the supply of raw materials and the shipment of final products. The total amount of iron ore, coal and coke consumed by the Presidente Vargas Mill is carried by MRS, as is part of the steel produced by CSN for the domestic market and for export.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Southeast Brazilian railroad system, encompassing 1,674 kilometers of tracks, serves the tri-state industrial area of S&#227;o Paulo-Rio de Janeiro-Minas Gerais, linking the mines located in Minas Gerais to the ports located in S&#227;o Paulo and Rio de Janeiro, and the steel mills of CSN, Companhia Sider&#250;rgica Paulista (or Cosipa) and Gerdau A&#231;ominas. Besides serving other customers, the railroad system carries iron ore from the Company&#8217;s mines in Casa de Pedra, Minas Gerais, and coke and coal from the Itagua&#237; Port, in Rio de Janeiro, to Volta Redonda, and carries CSN&#8217;s exports to the ports of Itagua&#237; and Rio de Janeiro. Its volumes of cargo carried account for approximately 28% of the total volume carried by the Southeast railroad system.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Transnordestina Log&#237;stica</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Together, CSN and the federal government will be making investments for implementation of the Transnordestina Project for construction of around 1,728 km of new lines. The work on this project, slated for conclusion in 2013, further includes complementing and renewing part of the infrastructure (or lines) of the concession held by Transnordestina Log&#237;stica, which will be expanded from the nearly 2,600 kilometers of track presently operating to around 4,300 kilometers.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Transnordestina Log&#237;stica S.A. has a 30-year concession granted in 1998 to operate the Northeastern Brazil railroad system. This railway system covers 4,238 kilometers of railroads in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte. Moreover, it links up the main ports in the region, thus providing an important competitive advantage by means of opportunities for combined transportation solutions and logistics projects tailored to customer needs.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The project underway will increase the transportation capacity of Transnordestina Log&#237;stica 20-fold, bringing it up the level of the most modern railroads in the entire world.</FONT></P></DIV>

<P style="TEXT-ALIGN: center">FS-64</P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>With its new configuration, Transnordestina will become the best logistics option for export of grains through the Pec&#233;m and Suape ports, as well as other solid bulk cargos such as iron ore from the Northeast Region, playing an important role in the region&#8217;s development.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii. Ports</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Port logistics segment consolidates the operation of the terminal built during the post-privatization period of the ports, Sepetiba Tecon. The Sepetiba terminal features complete infrastructure to meet all the needs of exporters, importers and ship-owners. Its installed capacity exceeds that of most other Brazilian terminals. It has excellent depths of 14.5 meters in the mooring berths and a huge storage area, as well as the most modern and appropriate equipment, systems and intermodal connections.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s constant investment in projects in the terminals consolidates the Itagua&#237; Port Complex as one of the most modern in Brazil, at present with capacity for handling 480 thousand containers and 30 million metric tons per year of bulk cargo.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Energy&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN is one of the largest industrial consumers of electric power in Brazil. As energy is fundamental to its production process, the Company invests in assets for generation of electric power to guarantee its self-sufficiency. These assets are as follows: It&#225; hydroelectric power plant, in the State of Santa Catarina, with rated capacity of 1,450 MW, where CSN has a share of 29.5%; Igarapava hydroelectric power plant, Minas Gerais, with rated capacity of 210 MW, in which CSN holds of 17.9% of the capital; and a thermoelectric co-generation Central Unit with rated capacity of 238 MW, which has been operating at the UPV since 1999.For fuel the Central Unit uses the residual gases produced by the steel mill itself. Through these three power generation assets, CSN obtains total rated capacity of 430 MW.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cement&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" 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. In 2011, the clinker used in cement production is leased from third parties; however, at the end of 2011, with the completion of the first stage of the Arcos Clinker plant, MG, this plant already supplied the milling needs of CSN Cimentos in Volta Redonda.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The information presented to Management regarding the performance of each business segment is generally derived directly from the accounting records, combined with some intercompany allocations.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sales by geographic area</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sales by geographic area are determined based on the customers&#8217; location. Domestic sales are represented by revenues from customers located in Brazil and export sales are represented by revenues from customers located abroad.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-65</P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="79%" colSpan=15 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Steel</B></FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Mining</B></FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="19%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Logistics</B></FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Energy</B></FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cement</B></FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Corporate expenses/ </B></FONT><FONT size=1 face=Arial><B>elimination</B></FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated</B></FONT>&nbsp;</TD></TR>

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   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Revenues and expenses</B></FONT>&nbsp;</TD>

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   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Metric tons (thou.) - (unaudited) (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,895,581</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,849,514</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,754,596</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenues</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="20%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,190,463</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>834,144</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>142,778</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,022,885</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>183,492</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>332,950</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(564,796)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,141,916</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="20%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,287,274</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,107,707</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,313)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,377,668</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of sales and services</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,038,168)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,185,149)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(85,474)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(667,186)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(105,497)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(268,432)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>549,062</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,800,844)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Gross profit</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,439,569</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,756,702</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>57,304</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>355,699</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>77,995</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>64,518</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(33,047)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,718,740</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(471,003)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(149,862)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,303)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(90,020)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,408)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(67,712)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(357,385)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,179,693)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>606,810</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>161,655</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,674</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,454</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,495</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,222</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,058</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>929,368</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Adjusted EBITDA</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,575,376</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,768,495</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>44,675</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>371,133</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>75,082</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>20,028</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(386,374)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,468,415</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="79%" colSpan=15 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Steel</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Mining</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="19%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Logistics</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Energy</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cement</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Corporate expenses/ </B></FONT><FONT size=1 face=Arial><B>elimination</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center>&nbsp;<FONT size=1 face=Arial><B>Ports</B></FONT> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Arial><B>Railroad</B></FONT>&nbsp;&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Sales by geographical area</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Asia</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,255</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,250,002</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,281,257</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>North America</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>502,486</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>502,486</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Latin America</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>147,363</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>147,363</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Europe</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>560,880</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>857,705</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,418,585</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45,290</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,313)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,977</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Foreign market</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,287,274</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,107,707</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(17,313)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,377,668</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Domestic market</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,190,463</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>834,144</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>142,778</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,022,885</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>183,492</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>332,950</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(564,796)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,141,916</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>TOTAL</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,477,737</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,941,851</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>142,778</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,022,885</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>183,492</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>332,950</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(582,109)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,519,584</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and jointly controlled entities (Namisa 60%).</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="20%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="79%" colSpan=15 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Steel</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Mining</B></FONT>&nbsp;</TD>

   <TD width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="19%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Logistics</B></FONT></TD>

   <TD width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Energy</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cement</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Corporate expenses/ </B></FONT><FONT size=1 face=Arial><B>elimination</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center>&nbsp;<FONT size=1 face=Arial><B>Ports</B></FONT> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center>&nbsp;<FONT size=1 face=Arial><B>Railroad</B></FONT> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Revenues and expenses</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%"></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%"></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%"></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%"></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%"></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%"></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%"></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Metric tons (thou.) - (unaudited) (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,795,851</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,554,984</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>991,789</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenues</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="20%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,763,470</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>573,976</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119,315</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>838,436</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113,517</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>201,841</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(363,750)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,246,805</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="20%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,162,539</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,041,166</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,203,705</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of sales and services</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,225,820)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,252,474)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70,046)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(521,747)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(41,579)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(163,631)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>392,571</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,882,726)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Gross profit</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,700,189</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,362,668</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>49,269</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>316,689</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>71,938</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>38,210</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>28,821</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,567,784</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(443,100)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(69,068)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,590)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70,644)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,555)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(43,119)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(350,759)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,018,835)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>519,411</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>145,817</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,577</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102,629</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,501</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,648</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,414)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>806,169</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Adjusted EBITDA</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,776,500</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,439,417</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>38,256</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>348,674</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>68,884</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,739</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(325,352)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,355,118</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="79%" colSpan=15 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Steel</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Mining</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="19%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Logistics</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Energy</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cement</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Corporate expenses/ </B></FONT><FONT size=1 face=Arial><B>elimination</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Arial><B>Ports</B></FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center>&nbsp;<FONT size=1 face=Arial><B>Railroad</B></FONT> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Sales by geographical area</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Asia</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,752</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,513,499</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,554,251</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>North America</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>432,229</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>432,229</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Latin America</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>193,692</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>193,692</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Europe</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>454,997</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>527,667</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>982,664</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,869</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,869</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Foreign market</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,162,539</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,041,166</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,203,705</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Domestic market</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,763,470</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>573,976</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>119,315</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>838,436</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>113,517</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>201,841</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(363,750)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,246,805</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>TOTAL</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,926,009</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,615,142</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>119,315</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>838,436</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>113,517</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>201,841</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(363,750)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14,450,510</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) The ore sales volumes presented in this note take into consideration Company&#180;s sales and the interest in its subsidiaries and jointly controlled entities (Namisa 60%).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-66</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_203"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="20%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="9%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="9%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="9%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="9%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="9%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="9%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="9%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="9%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="79%" colSpan=15 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Steel</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Mining</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="19%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Logistical</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Energy</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cement</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Corporate expenses/ </B></FONT><FONT size=1 face=Arial><B>elimination</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center>&nbsp;<FONT size=1 face=Arial><B>Ports</B></FONT> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center>&nbsp;<FONT size=1 face=Arial><B>Railroad</B></FONT> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Revenue and expenses</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%"></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%"></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tonnes (thou.) - (unaudited) (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,110,266</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,478,837</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>338,272</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="20%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,045,510</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>247,490</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>144,363</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>822,503</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,641</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,380</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(330,353)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,106,534</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,155,780</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,716,050</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,871,830</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of sales and services</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,692,531)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,247,696)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(75,563)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(464,104)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(43,363)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(60,893)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,376</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,210,774)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Gross profit</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,508,759</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>715,844</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>68,800</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>358,399</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>73,278</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(513)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>43,023</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,767,590</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(370,445)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(39,745)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,290)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(58,283)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24,978)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,135)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(403,325)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(927,201)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>484,351</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134,665</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,776</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>109,514</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,234</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,714</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,898</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>780,152</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Adjusted EBITDA</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,622,665</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>810,764</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>65,286</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>409,630</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>73,534</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(7,934)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(353,404)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,620,541</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="79%" colSpan=15 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Steel</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Mining</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="19%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Logistical</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Energy</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cement</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Corporate expenses/ </B></FONT><FONT size=1 face=Arial><B>elimination</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="9%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center>&nbsp;<FONT size=1 face=Arial><B>Ports</B></FONT> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="9%" align=center>&nbsp;<FONT size=1 face=Arial><B>Railroad</B></FONT> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Sales by geography</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%"></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Asia</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>248,663</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,368,608</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,617,271</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>North America</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>322,798</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>79,426</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>402,224</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Latin America</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,982</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,982</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Europe</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>424,314</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>268,016</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>692,330</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,023</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,023</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Foreign market</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,155,780</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,716,050</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,871,830</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Domestic market</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,045,510</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>247,490</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>144,363</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>822,503</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>116,641</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60,380</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(330,353)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,106,534</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>TOTAL</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,201,290</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,963,540</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>144,363</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>822,503</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>116,641</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60,380</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(330,353)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,978,364</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) The ore sales volumes presented in this note take into consideration Company&#180;s sales and the interest in its subsidiaries and jointly controlled entities (Namisa 60%).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The adjusted EBITDA consists of profit for the year plus net finance income (costs), income tax and social contribution, depreciation and amortization, and other operating income (expenses), which are deducted because they mainly refer to non-recurring items of the operation.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s executive officers use Adjusted EBITDA as a tool to measure the recurring operating cash generation capacity, as well as a means for allowing it to make comparisons with other companies.</FONT></P>

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,468,415</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,355,118</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,620,541</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(929,368)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(806,169)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(780,152)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other operating income (expenses) (Note 25)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>217,875</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(550,603)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>720,843</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Finance income (expenses) (Note 26)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,005,803)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,911,458)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(246,435)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pretax income</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,751,119</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,086,888</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,314,797</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax and social contribution (Note 9)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(83,885)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(570,697)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(699,616)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Profit for the year</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,667,234</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,516,191</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,615,181</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>28.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EARNINGS PER SHARE (EPS)</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Basic earnings per share:</FONT></U></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Basic earnings per share have been calculated based on the profit attributable to the owners of CSN divided by the weighted average number of common shares outstanding during the year (after the stock split), excluding the common shares purchased and held as treasury shares, as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-67</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_204"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="44%" colSpan=5 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Common shares</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Profit for the year</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Attributed to Company owners</FONT>&nbsp;</P></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,706,033</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,516,376</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,618,934</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="55%" align=left>

   <P style="MARGIN-LEFT: 2%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Attributed to non-controlling interests</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(38,799)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(185)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,753)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Weighted average number of shares</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,492,453</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Basic and diluted EPS</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,54191</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,72594</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,75478</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>29.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EMPLOYEE BENEFITS</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The pension plans granted by the Company cover substantially all employees. The plans are administered by Caixa Beneficente dos Empregados da CSN (&#8216;CBS&#8221;), which is a private non-profit pension fund established in July 1960. The members of CBS are employees&#8212;and former employees&#8212;of the Company and some subsidiaries that joined the fund through an agreement, and the employees of CBS itself. The Executive Officers of CBS is comprised of a CEO and two other executive officers, all appointed by CSN, which is the main sponsor of CBS. The Decision-Making Board is the higher decision-making and guideline-setting body of CBS, presided over by the president of the pension fund and made up of 10 members, six chosen by CSN in its capacity as main sponsor of CBS and four elected by the fund&#8217;s participants.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Until December 1995, CBS Previd&#234;ncia administered two defined benefit plans based on years of service, salary and Social Security benefits. On December 27, 1995 the then Private Pension Secretariat (&#8220;SPC&#8221;) approved the implementation of a new benefit plan, effective beginning that date, and called Mixed Supplementary Benefit Plan (&#8216;Mixed Plan&#8221;), structured in the form of a variable contribution plan. Employees hired after that date were only entitled to join the new Mixed Plan. In addition, all active employees who were participants of the old defined benefits plans had the opportunity to switch to the new Mixed Plan.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011 CBS had 31,482 participants (30,540 as of December 31, 2010), of whom 16,603 were active contributors (15,433 as of December 31, 2010), 9,705 were retired employees (9,888 as of December 31, 2010), and 5,174 were related beneficiaries (5,219 as of December 31, 2010).Out of the total participants as at December 31, 2011, 13,726 belonged to the defined benefit plan and 17,756 to the mixed plan.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The plan assets of CBS are primarily invested in repurchase agreements (backed by federal government bonds), federal securities indexed to inflation, shares, loans and real estate. As of December 31, 2011 CBS held 12,788,231 common shares of CSN (12,788,231 common shares as of December 31, 2010). The total plan assets of the entity amounted to R$3.8 billion and R$3.6 billion as at December 31, 2011 and 2010, respectively. The administrators of the CBS funds seek to match plan assets with benefit obligations payable on a long-term basis. Pension funds in Brazil are subject to certain restrictions regarding their capacity for investment in foreign assets and, therefore, these funds invest mainly in Brazilian securities.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Plan Assets are all available assets and the benefit plans&#8217; investments, not including the amounts of debts to sponsors.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#1f497d face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Description of the pension plans</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Plan covering 35% of average salary</FONT></U></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This plan began on February 1, 1966 and is a defined benefit plan aimed at paying pensions (for length of service, special situations, disability or old age) on a lifetime basis, equivalent to 35% of the adjusted average of the participant&#8217;s salary for the last 12 months. The plan also guarantees sick pay to participants on Official Social Security leaves of absence and further ensures payments of savings fund, funeral allowance and pecuniary aid. This plan was discontinued on October 31, 1977 when the new supplementary plan based on average salary took effect.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Supplementary average salary plan</FONT></U></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>This plan began on November 1, 1977 and is a defined benefit plan, aimed at complementing the difference between the adjusted average of the participant&#8217;s salary for the last 12 months and the Official Social Security benefit for retirement, also <FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>on a lifetime basis. As in the 35% plan, there is coverage for the benefits of sick pay, death and pension. This plan was discontinued on December 26, 1995 with the creation of the mixed supplementary benefit plan.</FONT></FONT>
</P></DIV>

<P style="TEXT-ALIGN: center">FS-68</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_205"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Mixed supplementary benefit plan</FONT></U></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This plan began on December 27, 1995 and is a variable contribution plan. Besides the scheduled retirement benefit, it also covers the payment of risk benefits (pension paid while the participant is still working, disability compensation and sick/accident pay).Under this plan, the retirement benefit is calculated based on the amount accumulated by the monthly contributions of the participants and sponsors, as well as on each participant&#8217;s option for the manner in which they receive them, which can be lifetime (with or without continuity of pension for death) or through a percentage applied to the balance of the fund generating the benefit (loss for indefinite period).After retirement is granted, the plan takes on the characteristics of a defined benefit plan.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Investment policy</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The investment policy establishes the principles and guidelines that will govern the investments of funds entrusted to the entity, in order to foster the security, liquidity and profitability required to ensure equilibrium between the plan&#8217;s assets and liabilities, based on an ALM (Asset Liability Management) study that takes into consideration the benefits of participants and beneficiaries for each plan.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The investment plan is reviewed annually and approved by the Decision-Making Board considering a 5-year horizon, as established by resolution CGPC 7 of December 4, 2003. The investment limits and criteria established in the policy are based on Resolution 3792/09 published by the National Monetary Council (&#8220;CMN&#8221;).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee benefits</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actuarial calculations are updated at the end of each annual reporting period by outside actuaries and presented in the financial statements pursuant to IAS 19 </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee Benefits</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Obligations recognized in the balance sheet</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan benefits</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,673</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Post-employment healthcare benefits</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>457,377</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>367,839</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>469,050</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>367,839</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The reconciliation of employee benefits&#8217; assets and liabilities is as follows:</FONT></P>

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Present value of defined benefit obligations</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,153,649)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,982,556)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fair value of plan assets</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,384,450</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,316,018</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(Deficit)/surplus</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>230,801</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>333,462</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restriction to actuarial assets due to recovery limitation</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(174,926)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(280,582)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(Liabilities)/assets, net</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>55,875</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>52,880</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Liabilities</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,673)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Assets (*)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,548</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52,880</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net (liabilities)/assets recognized in the balance sheet</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(11,673)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in the present value of defined benefit obligation during the year are as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-69</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_206"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>31/12/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Present value of obligations at the beginning of the year</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,982,556</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,731,767</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,415,029</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of services</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,579</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,313</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,249</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>202,242</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>185,285</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>174,122</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Benefits paid</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(178,403)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(166,147)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(148,561)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial loss/(gain)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,675</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>225,341</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>287,146</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,997</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,782</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Present value of obligations at the end of the year</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,153,649</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,982,556</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,731,767</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in the fair values of plan assets in the current year are as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value of assets at the beginning of the year</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,316,018</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,160,158</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,396,350</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expected return on plan assets</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>260,163</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>218,229</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>176,356</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sponsors' contributions</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,709</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,109</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>68,890</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Participants' contributions</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,782</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Benefits paid</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(178,402)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(166,147)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(148,561)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial (gains) losses</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(81,038)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,669</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>664,341</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value of plan assets at the end of the year</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,384,450</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,316,018</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,160,158</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The amounts recognized in the income statement are comprised as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of current services</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,579)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,313)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,249)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(202,242)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(185,285)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(174,122)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expected return on plan assets</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>260,163</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>218,229</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>176,356</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sponsors' contributions transferred in prior year</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,710</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,109</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>68,890</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>120,052</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>94,740</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>69,875</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total unrecognized revenue (*)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,678</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94,740</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,357</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total (costs)/revenue recognized in the income statement</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,374</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,482)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total (costs)/revenue, net</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>120,052</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>94,740</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>69,875</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) The Company did not recognize in its balance sheet the asset and the balancing items thereto resulting from the actuarial valuation of surplus plans because there is no clear evidence of its realization, in accordance with IAS 19 </FONT><I><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Employee benefits.</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The (cost)/income is recognized in the income statement in other operating expenses.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Changes in actuarial gains and losses are as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial gains and (losses)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(222,712)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(184,671)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>377,195</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restriction due to recovery limitation</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,655</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99,509</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(361,355)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(117,057)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(85,162)</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,840</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial gains and (losses) recognized in other comprehensive income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28,048)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrecognized actuarial gains/(losses) (*)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(89,009)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(85,162)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total cost of actuarial (gains) and losses</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(117,057)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(85,162)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,840</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) The actuarial loss results from the fluctuation in the investments that form CBS&#8217;s asset portfolio.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The history of actuarial gains and losses is as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-70</P>

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<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>01/01/2009 (**)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Present value of defined benefit obligations</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,153,649)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,982,556)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,731,767)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,415,029)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fair value of plan assets</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,384,450</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,316,018</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,160,158</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,396,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Surplus</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>230,801</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>333,462</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>428,391</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(18,679)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Experience adjustments to plan obligations</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,675</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>225,341</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>287,146</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Experience adjustments to plan assets</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(81,038)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,669</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>664,341</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left>&nbsp; </TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The main actuarial assumptions used were as follows:</FONT></P>

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<TR>

   <TD width="19%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial funding method</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Projected unit credit</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Projected unit credit</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Projected unit credit</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Functional currency</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real (R$)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real (R$)</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real (R$)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Recognition of plan assets</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fair value</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fair value</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fair value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amount used as estimate of equity at</FONT>&nbsp;<FONT size=1 face=Arial>the end of the year</FONT> </TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Best estimate for equity at the end of the fiscal year,</FONT>&nbsp;<FONT size=1 face=Arial>obtained based on a projection of October amounts</FONT> <FONT size=1 face=Arial>recorded</FONT> </TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Best estimate for equity at the end of the fiscal year,</FONT>&nbsp;<FONT size=1 face=Arial>obtained based on a projection of October amounts</FONT> <FONT size=1 face=Arial>recorded</FONT> </TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Best estimate for equity at the end of the fiscal year,</FONT>&nbsp;<FONT size=1 face=Arial>obtained based on a projection of October amounts</FONT> <FONT size=1 face=Arial>recorded</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Discount rate</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.46%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.66%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.18%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inflation rate</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.4%</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.20%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nominal salary increase rate</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.65%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.44%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.24%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nominal benefit increase rate</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.4%</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.20%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rate of return from investments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,52% - 12,24%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,31% - 12,21%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,21% - 10,78%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>General mortality table</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>AT 2000 segregated by gender</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>AT 2000 segregated by gender</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>AT 2000 segregated by gender</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disability table</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mercer Disability with probabilities multiplied by 2</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mercer Disability with probabilities multiplied by 2</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mercer Disability with probabilities multiplied by 2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disability mortality table</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Winklevoss - 1%</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Winklevoss - 1%</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Winklevoss - 1%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Turnover table</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2% p.a. millennium plan, nil for defined benefit</FONT>&nbsp;<FONT size=1 face=Arial>plans</FONT> </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2% p.a. millennium plan, nil for defined benefit</FONT>&nbsp;<FONT size=1 face=Arial>plans</FONT> </TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2% p.a. millennium plan, nil for defined benefit</FONT>&nbsp;<FONT size=1 face=Arial>plans</FONT> </TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Retirement age</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100% on first date he/shed becomes eligible for<FONT size=3 face="Times New Roman"> &nbsp;</FONT>programmed retirement benefit under plan</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100% on first date he/shed becomes eligible for<FONT size=3 face="Times New Roman"> &nbsp;</FONT>programmed retirement benefit under plan</FONT>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100% on first date he/shed becomes eligible for<FONT size=3 face="Times New Roman"> &nbsp;</FONT>programmed retirement benefit under plan</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Household of active participants</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95% will be married at the time of retirement, with<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"> &nbsp;</FONT>the wife being 4 years younger than the husband</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95% will be married at the time of retirement, with<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"> &nbsp;</FONT>the wife being 4 years younger than the husband</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="25%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95% will be married at the time of retirement, with<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"> &nbsp;</FONT>the wife being 4 years younger than the husband</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The assumptions related to the mortality table are based on published statistics and mortality tables. These tables represent an average life expectancy in years of employees retiring at the age of 65, as shown below:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Longevity at age of 65 for current participants</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Male</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.55</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.55</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.55</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Female</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.17</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.17</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.17</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Allocation of plan assets:</FONT></P>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Variable income</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>360,958</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.14%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>234,303</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.12%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,756,831</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73.68%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,961,306</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84.68%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real estate</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>190,756</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.00%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52,352</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.26%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>75,905</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.18%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>68,057</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.94%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,384,450</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>100.00%</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,316,018</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>100.00%</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected long-term return on plan assets:</FONT></P>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="14%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="14%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="14%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Variable income</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18.05%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.58%</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="14%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="14%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed income</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.53%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.44%</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="14%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="14%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real estate</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.34%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.62%</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="14%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="14%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.34%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.62%</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="14%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="14%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>11.78%</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>11.62%</B></FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="14%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="14%" align=right>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actual return on plan assets was R$179,126 (R$258,898 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-71</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_208"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Variable-income assets comprise mainly CSN shares.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fixed-income assets comprise mostly debentures, Certificates of Interbank Deposit (&#8220;CDI&#8221;) and National Treasury Notes (&#8220;NTN-B&#8221;).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Real estate refers to buildings appraised by a specialized asset appraisal firm. There are no assets in use by CSN and its subsidiaries.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the defined benefit plans, the expense as of December 31, 2011 was R$67,276 (R$63,110 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the mixed plan, which has defined contribution components, the expense in 2011 was R$29,487 (R$22,514 as of December 31, 2010).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>d.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected contributions</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected contributions of R$69,244 will be paid to defined benefits plans in 2012.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the mixed supplementary benefit plan, which includes defined contribution components, expected contributions of R$27,500 will be paid in 2012.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>POST-EMPLOYMENT HEALTH CARE PLAN</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Refer to a healthcare plan created on December 1, 1996 exclusively for retired former employees, pensioners, those who received an amnesty, war veterans, widows of employees who died as a result of on-the-job accidents and former employees who retired on or before March 20, 1997 and their related dependents. Since then, the health care plan has not permitted the inclusion of new beneficiaries.&nbsp; The plan is sponsored by CSN and administered by Caixa Beneficente dos Empregados da Cia. Sider&#250;rgica Nacional - CBS. &nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The amounts recognized in the balance sheet were determined as follows:</FONT></P>

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Present value of obligations</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>457,377</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>367,839</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liabilities</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>457,377</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>367,839</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The reconciliation of liabilities for healthcare benefits is as follows:</FONT></P>

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial liabilities at the beginning of the year</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>367,839</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>317,145</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest on actuarial obligation</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,616</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,457</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sponsor's contributions transferred in prior year</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,653)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,064)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Recognition of (gain)/loss for the year</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84,575</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,301</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Actuarial liabilities at the end of the year</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>457,377</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>367,839</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the post-employment healthcare benefit plan, the expense in 2011 was R$37,343 (R$33,817 as of December 31, 2010).</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actuarial gains and losses recognized in equity are as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial loss on obligation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84,575</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,301</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,232</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Loss recognized in equity</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>84,575</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>48,301</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>17,232</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The history of actuarial gains and losses is as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-72</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_209"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>31/12/2009</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>01/01/2009 (**)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Present value of defined benefit obligation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(457,377)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(367,839)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(317,145)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(296,608)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(Deficit)/surplus</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(457,377)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(367,839)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(317,145)</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(296,608)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Experience adjustments to plan obligations</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84,575</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,301</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,232</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,023</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(**) IAS 19 requires disclosure of the history for 5 (five) years, although this does not have to be retrospectively applied for a first-time adopter of IFRS.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The impact on a one-percent change in the assumed trend rate of the healthcare cost is as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="34%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD>

   <TD width="1%" align=center>&nbsp;</TD>

   <TD width="10%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" width="21%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" colSpan=3 align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Increase</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reduction</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Increase</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reduction</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Increase</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reduction</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect on total cost of current service and finance cost</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,603</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,128)</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,274</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,847)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect on defined benefit obligation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,032</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(35,916)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,122</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,617)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,287</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,461)</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actuarial assumptions used for calculating post-employment healthcare benefits were:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Biometric</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>General mortality table</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>AT 2000 segregated by gender</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>AT 2000 segregated by gender</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>AT 2000 segregated by gender</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Turnover</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>N.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>N.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>N.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Household</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actual household</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actual household</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actual household</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Financial</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2011</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2010</B></FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12/31/2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial nominal discount rate</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.46%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.77%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.18%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inflation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.4%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.2%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Increase in medical cost based on age</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.5%</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.5%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nominal medical costs growth rate</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.31%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.31%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.31%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Average medical costs</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>299.69</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>316.22</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>274.16</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>30.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>COMMITMENTS&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Take-or-pay contracts</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2011 and 2010, the Company was a party to take-or-pay contracts as shown in the following table:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-73</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_210"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="6%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="32%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=bottom width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="12%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="32%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="11%" colSpan=3 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Payments</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="35%" colSpan=11 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Minimum future payments</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Concessionaire</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Type of service</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="32%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Agreement terms and conditions</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2012</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2013</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2014</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2015</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>After 2015</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Iron ore transportation.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="32%" align=left><FONT size=1 face=Arial>Contractual clause providing for guaranteed revenue on railway freight. In the case of</FONT> <FONT size=1 face=Arial>CSN, this means a minimum payment of 80% of freight estimate.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>92,504</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153,870</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>176,058</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>176,058</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>176,058</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>176,058</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,029</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>792,261</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steel products transportation</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of at least 80% of annual volume agreed with MRS.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,606</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,762</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,762</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,762</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,762</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,484</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>259,532</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="12%" align=left><FONT size=1 face=Arial>Iron ore, coke and coal transportation.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="32%" align=left><FONT size=1 face=Arial>Transportation of 8,280,000 metric tons per year of iron ore and 3,600,000 metric tons </FONT><FONT size=1 face=Arial>per year of coal, coke and other reducing agents.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,151</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,463</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,060</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>100,060</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>FCA</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining products transportation.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of at least 1,900,000 metric tons per year.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>419</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,324</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,085</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,085</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>126,170</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>FCA</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="12%" align=left><FONT size=1 face=Arial>FCA railway transportation of</FONT> <FONT size=1 face=Arial>clinker to CSN Cimentos.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="32%" align=left><FONT size=1 face=Arial>Transportation of at least 675,000 metric tons per year of clinker in 2011 and 738,000</FONT> <FONT size=1 face=Arial>metric tons per year of clinker starting 2012.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,648</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,937</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,937</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,937</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,937</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,727</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>224,475</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ALL</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT size=1 face=Arial>Railway transportation of steel</FONT> <FONT size=1 face=Arial>products.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rail transportation of at least, 20,000 metric tons of steel products monthly, which can<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"> &nbsp;</FONT>vary 10% up or down, originated at the &#193;gua Branca Terminal in S&#227;o Paulo for CSN</FONT>&nbsp;<FONT size=1 face=Arial>PR in Arauc&#225;ria, State of Paran&#225;.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,214</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,774</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,540</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,540</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>White Martins</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="12%" align=left><FONT size=1 face=Arial>Supply of gas (oxygen, nitrogen</FONT> <FONT size=1 face=Arial>and argon).</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="32%" align=left><FONT size=1 face=Arial>CSN undertakers to buy at least 90% of the annual volume of gas contracted with</FONT> <FONT size=1 face=Arial>White Martins.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,098</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102,274</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,606</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,606</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,606</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,606</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,606</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>468,030</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CEG Rio</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supply of natural gas.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN undertakes to buy at least 70% of the monthly natural gas volume</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>431,093</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>432,449</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>280,322</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>280,322</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vale S.A</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supply of iron ore pellets.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="32%" align=left><FONT size=1 face=Arial>CSN undertakes to buy at least 90% of the volume of iron ore pellets secured by</FONT> <FONT size=1 face=Arial>contract. The take-or-pay volume is determined every 18 months.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>195,221</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>349,797</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>176,305</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>176,305</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,537</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>470,147</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compag&#225;s</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supply of natural gas.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="32%" align=left><FONT size=1 face=Arial>CSN undertakes to buy at least 80% of the monthly natural gas volume contracted with</FONT> <FONT size=1 face=Arial>Compag&#225;s.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,318</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,884</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,281</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,281</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,281</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,281</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119,531</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>172,655</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>COPEL</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Power supply.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="32%" align=left><FONT size=1 face=Arial>CSN undertakers to buy at least 80% of the annual energy volume contracted with</FONT> <FONT size=1 face=Arial>COPEL.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,178</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,378</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,487</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,487</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,487</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,487</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,934</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>69,882</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>K&amp;K Tecnologia</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Processing of blast furnace sludge<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"> &nbsp;</FONT>generated during pig iron </FONT><FONT size=1 face=Arial>production.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="32%" align=left><FONT size=1 face=Arial>CSN undertakes to supply at least 3,000 metric tons per month of blast furnace sludge</FONT>&nbsp;<FONT size=1 face=Arial>for processing at K&amp;K sludge concentration plant.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,082</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,186</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,074</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,074</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,074</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,074</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,283</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>79,579</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Harsco Metals</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="12%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Processing of slag generated<FONT size=3 face="Times New Roman"> &nbsp;</FONT>during pig iron and steel</FONT>&nbsp;<FONT size=1 face=Arial>production.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="32%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Harsco Metals undertakes to process metal products and slag crushing byproducts<FONT size=3 face="Times New Roman"> &nbsp;</FONT>resulting from CSN&#8217;s pig iron and steel manufacturing process, receiving for this<FONT size=3 face="Times New Roman"> &nbsp;</FONT>processing the amount corresponding to the product of the multiplication of unit price</FONT>&nbsp;<FONT size=1 face=Arial>(R$/t) by total production of liquid steel from CSN steel mill, ensuring a minimum</FONT> <FONT size=1 face=Arial>production of liquid steel of 400,000 metric tons.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,279</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,739</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>75,000</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Siemens</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT size=1 face=Arial>Manufacturing, repair, recovery</FONT> <FONT size=1 face=Arial>and production of ingot casting</FONT> <FONT size=1 face=Arial>machine units.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="32%" align=left><FONT size=1 face=Arial>Siemens undertakes to manufacture, repair, recover and produce, in whole or in part, ingot casting machine units to provide the necessary off-line and on-line maintenance of continuous ingot casting machine assemblies of the Presidente Vargas plant (UPV). Payment is set at R$/t of produce steel plates.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,569</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,817</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,324</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,856</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>51,180</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=21>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="32%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>945,126</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,230,209</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,068,841</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>671,451</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>515,742</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>383,205</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>533,594</B></FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,172,833</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Concession agreements</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Minimum future payments related to government concessions as of December 31, 2011 fall due according to the schedule set out in the following table:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="10%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="41%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=bottom width="10%" align=center>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="41%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="47%" colSpan=11 align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Minimum future payments</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="10%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Company<BR>Concession</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="41%" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Type of service</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2012</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2013</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2014</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2015</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>After 2015</B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="41%" align=left><FONT size=1 face=Arial>30-year concession, renewable for another 30 years, to provide iron ore railway transportation services from the Casa de Pedra mines, in Minas Gerais, coke and coal from the Itagua&#237; Port, in Rio de Janeiro, to Volta Redonda, transportation of export goods to the Itagua&#237; and Rio de Janeiro Ports, and shipping of finished</FONT> <FONT size=1 face=Arial>goods to the domestic market.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,315</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,315</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,315</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,315</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>823,230</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,144,490</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=15>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transnordestina</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="41%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30-year concession granted on December 31, 1997, renewable for another 30 </FONT><FONT size=1 face=Arial>years for the development of public utility to operate the Northeastern railway </FONT><FONT size=1 face=Arial>system. The railway system covers 4,238 kilometers of railroads in the states of </FONT><FONT size=1 face=Arial>Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,494</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,494</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,494</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,494</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>74,135</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>100,111</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=15>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tecar</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="41%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Concession to operate TECAR, a solid bulk terminal, one of the four terminals that<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"> &nbsp;</FONT>comprise the Itagua&#237; Port, in Rio de Janeiro, for a period ending 2022 and</FONT>&nbsp;<FONT size=1 face=Arial>renewable for another 25 years.</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>111,225</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,913</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,922</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,922</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>881,455</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,362,437</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=15>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tecon</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD vAlign=middle width="41%" align=left><FONT size=1 face=Arial>25-year concession granted in July 2001, renewable for another 25 years, to</FONT> <FONT size=1 face=Arial>operate the container terminal at the Itagua&#237; Port.</FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,129</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,129</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,129</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,129</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>221,293</FONT>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>309,809</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=15>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="41%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>220,163</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>226,851</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>234,860</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>234,860</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,000,113</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,916,847</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Projects and other commitments</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Steel &#8211; Flat and long steel</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN intends to produce 500,000 metric tons per year of long steel products, with an estimate of 400,000 t/year of rebar and 100,000 t/year of wire</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>rod. The facilities will use scrap and pig iron as their main raw materials. In addition to this plant, CSN is assessing the option of implementing in Brazil other similar projects, also with 500,000 t/year capacity each.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Iron ore project</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center">FS-74</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_211"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN projects producing 89 mtpy of iron ore products, including 50 mtpy at Casa de Pedra and 39 mtpy at Namisa. In addition, a CSN is inventing in the expansion of the Itagua&#237; seaport, or TECAR, for a capacity of 84 mtpy. The current annual export capacity is equivalent to 30 million metric tons.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Coal and coke imports are made using the TECAR terminal, whose concession agreement is 25 years, extendable for another 25 years.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Upon concession termination, all rights and privileges transferred to Tecon will be handed back to CDRJ (Companhia Docas do Rio de Janeiro), together with the assets owned by CSN and those resulting from investments made by CSN in leased assets, declared as returnable assets by CDRJ as they are necessary to the continuity of the related services. Any assets declared as returnable assets will be compensated by CDRJ at their residual value, less related depreciation/amortization.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Cement project</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Up to December 2011 the Company had invested R$770 million in the construction of an entirely new grinding unit in Volta Redonda and a new clinker blast furnace in Arcos, MG, with production capacity of 2.4 mtpy and 830,000 t/year, respectively. This project represents CSN&#8217;s entry into the cement market, taking advantage of the slag generated by its blast furnaces and its limestone reserves in Arcos.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the fourth quarter of 2011, CSN cement sales totaled 484,346 metric tons (342,799 as of December 31, 2010) and we expect reaching full production capacity by 2012.These investments are partially financed by the BNDES.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Nova Transnordestina project</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Nova Transnordestina project includes building 1,728 km in new, next-generation, wide-gauge tracks. The Company expects that the investments will permit Transnordestina Log&#237;stica S.A. to boost the transportation of several products, such as iron ore, limestone, soy, cotton, sugarcane, fertilizers, oil, and fuel. The investments will be financed by means of several agencies, such as the Northeast Investment Fund (FINOR), the Northeast Development Authority (SUDENE) and the BNDES. The Company has already obtained the required environmental permits, purchased part of the equipment, contracted some of the services, and in certain regions the project is at an advanced implementation stage.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is the guarantor of BNDES loans for the Transnordestina project, which as of December 31, 2011 total R$392,874 (R$373,484 as of December 31, 2010). These loans are being used to finance the investments in Transnordestina&#8217;s infrastructure. The maximum amount of future payments that can be required from the guarantor under the guarantee is R$392,874.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN&#8217;s Logistic Platform Project in Itagua&#237;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Under the terms of the concession agreement, CSN is responsible for unloading at least 3.0 million per year of coal and coke from CSN&#8217;s suppliers through the terminal, as well as handling ore shipments. Among the approved investments announced by CSN, we highlight the development and expansion of the solid bulk terminal at Itagua&#237; so that it can also handle up to 84 million metric tons per year of iron ore.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Long-term agreements with Namisa</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company has signed long-term agreements with Namisa for the provision of port operation services and supplies of run-of-mine (ROM) iron ore from the Casa de Pedra mine, as described below:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i. Port operati<FONT style="FONT-SIZE: 9pt" face=Arial>ng</FONT> services agreement</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-75</P>

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&nbsp; <A name="page_212"></A>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On <FONT style="FONT-SIZE: 9pt" face=Arial>Octo</FONT>ber 21, 2008, CSN entered into an agreement for the provision of port services to Namisa for a 35-year period, consisting of receiving, handling, storing and shipping Namisa&#8217;s iron ore in annual volumes that range from 18.0&nbsp;million&nbsp;to 39.0 million tonnes. On December 30, 2008, CSN has received the amount of approximately R$5.3 billion as an advance for part of the payments due for the services to be provided under this agreement. The amounts charged for these port services are reviewed on a quarterly basis and adjusted considering the changes in the market price&nbsp;of iron ore.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii. High Silica ROM</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On October 21, 2008, CSN also entered into an agreement for the supply of high silica&nbsp;crude iron&nbsp;ore ROM&nbsp;to Namisa for a period of 35 years in volumes that range from&nbsp;25.7 million tons to&nbsp;46.5 million tons per year. On December 30, 2008,&nbsp;CSN has received approximately R$1.6 billion as an advance for part of the payments due for the supplies to be&nbsp;made under this agreement. The supply price is reviewed on a quarterly basis and adjusted considering the changes in the market price&nbsp;of iron ore.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>iii. Low Silica ROM</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On October 21, 2008, CSN entered into an agreement for the supply of low silica crude iron ore&nbsp;ROM ore to Namisa for a period of&nbsp;9 years in volumes that range from 8 million tons&nbsp;to 30.6 million&nbsp;tons per year. On December 30 2008,&nbsp;CSN has received approximately R$424 billion as an advance for part of the payments due for the supplies to be&nbsp;made&nbsp;under this agreement. The supply price is reviewed on a quarterly basis and adjusted considering the changes in the market price of iron ore.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>31.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INSURANCE&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Aiming to properly mitigate risk and in view of the nature of its operations, the Company and its subsidiaries have taken out several different types of insurance policies. Such policies are contracted in line with the CSN Risk Management policy and are similar to the insurance taken out by other companies operating in the same lines of business as CSN and its subsidiaries. The risks covered under such policies include the following: Domestic Transportation, International Transportation, Carrier&#8217;s Civil Liability, Importation, Exportation, Life and Casualty, Health Coverage, Fleet Vehicles, D&amp;O (Civil Liability Insurance for Directors and Officers), General Civil Liability, Engineering Risks, Sundry Risks, Export Credit, Performance Bond and Port Operator&#8217;s Civil Liability.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2011, after negotiation with insurers and reinsurers in Brazil and abroad, was issued Insurance Issued Certificate to hiring policy of Operational Risk of Property Damage and Loss of Profits, with effect from March 23, 2011 to March 22, 2012, which had its term extended by the period of March 23, 2012 to June 30, 2012. Under the insurance policy, the LMI (Maximum Limit of Indemnity) is R$850,000 and covers the following units and subsidiaries of the Company: Usina Presidente Vargas, Casa de Pedra Mine, CSN Paran&#225;, Arcos Mining, CSN Porto Real, TECON Terminal, TECAR Coal Terminal, NAMISA and CSN Cement. The Company decided to take responsibility for a range of retention of R$170 million excess of the deductibles for property damage and loss of profits and co-participate with 53.55% of the risks. The Company plans to reduce the co-participation.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In view of their nature, the risk assumptions adopted are not part of the scope of an audit of the financial statements and, accordingly, were not examined by our independent auditors.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>32.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SUBSEQUENT EVENTS</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Bond issuance</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On January 30, 2012, the Company priced, through its subsidiary CSN Resources S.A., an additional bond issuance amounting to US$200 million, by reopening the US$1 billion bonds, bearing interest of 6.5% per year and maturing in July 2020.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Merger of the clinker plant</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-76</P>

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&nbsp; <A name="page_136"></A>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On January 31, 2012, the Company and its subsidiary CSN Cimentos entered into a purchase and sale agreement to acquire CSN Cimentos&#8217; unit in Arcos, MG. As a result, </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>the clinker plant is now a branch of </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN.&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Purchase of Alfonso Gallardo Group assets</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On January 31, 2012, Companhia Sider&#250;rgica Nacional, through its wholly-owned subsidiary CSN Steel, completed the acquisition of all shares held by the Alfonso Gallardo Group in the Companies Stahlwerk Th&#252;ringen (SWT) and Gallardo Sections. Total transaction price was &#8364;482.5 million.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company shall make allocations of the purchase price to assets acquired and liabilities assumed and the determination of any goodwill resulting from that transaction. At this moment, the Company does not have enough information to meet the disclosures related to the acquisition, required by IFRS 3 &#8211; Business Combination.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Settlement of debentures</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On February 1, 2012, the Company settled the fourth issue debentures amounting to R$635,285 (R$600,000 in principal and R$35,285 in interest), which had been issued on February 1, 2006 and paid interest equivalent to 103.6% of the CDI Cetip.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Issuance of promissory notes (&#8220;Promissory Notes&#8221;)</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In March 2012, the Company has approved the first (1st) issuance of promissory notes (&#8220;Promissory Notes&#8221;) of the Company for public distribution with restricted placement efforts, pursuant to CVM Rules (&#8220;Issuance&#8221;). </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=windowtext face=arial,sans-serif>The Issuance comprised 40 Promissory Notes with unit value of R$20 million, totaling R$800 million, fully subscribed and paid up on this date. The net amount raised by the Company through this Issuance will be fully allocated to extend the Company&#8217;s debt profile, after the deduction of applicable commissions and expenses.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CADE&nbsp;</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On April 11, 2012, Conselho Administrativo de Defesa Econ&#244;mica (CADE) issued an injunctive order barring us from, among others, acquiring more Usiminas shares or exercising our voting rights on the shares we already own. We are analyzing alternatives to preserve our rights.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; 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: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Annual General Meeting</FONT></B></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>At the Annual Shareholders&#8217; Meeting held on April 27, 2012, the shareholders approved the Company&#8217;s distribution of the profit for the year ended December 31, 2011 and allocation of the unrealized earnings reserve, as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face=symbol>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Declaration of dividends in the amount of R$1,200,000, corresponding to R$0.82306 per share;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face=symbol>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Paid in capital increase in the amount of R$2,859,053.</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face=symbol>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Allocation to the statutory reserves in the amount of R$ 3,426,336.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">FS-77</P>

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<FILENAME>exhibit11.htm
<DESCRIPTION>EXHIBIT 1.1
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Bylaws</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Chapter I</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">NAME, OBJECT, HEADQUARTERS AND DURATION</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 1</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Companhia Sider&#250;rgica Nacional, a publicly-held corporation established on April 9, 1941, shall be governed by these Bylaws and the applicable legislation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 2</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The purpose of the Company is to manufacture, transform and sell steel products and sub products, including importing and exporting thereof, and to exploit any other similar activities that may, directly or indirectly, be related to the purposes of the Company, such as: mining, cement and carbon-chemical industries, metallic structure manufacture and assembly, construction, transportation, navigation and port activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 3</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company has its legal domicile and head office in the city of S&#227;o Paulo, State of S&#227;o Paulo, and may open or close branches, agencies, offices or representations in any part of the country or abroad.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 4</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall remain in existence for an indefinite term.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Chapter II</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">CAPITAL AND SHARES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The capital stock of the Company, fully subscribed and paid in, is R$1,680,947,363.71 (one billion, six hundred and eighty million, nine hundred and forty seven thousand, three hundred and sixty three reais and seventy one cents) divided into 1,483,033,685 (one billion, four hundred eighty-three million, thirty-three thousand, six hundred eighty-five) common and book-entry shares with no par value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Sole Paragraph - Each common share shall entitle the holder to one vote in the resolutions of the General Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Unless otherwise decided by the General Meeting, dividends and interest on equity shall be paid within 60 (sixty) days as from the date they are declared and in any event during the same fiscal year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 7</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The capital stock of the Company may be increased to up 2,400,000,000 (two billion four hundred million) shares, by decision of the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 1 -The authorized capital stock may be reached, upon one or more share issues, at the discretion of the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 2&nbsp;- Shareholders shall have preemptive rights in the case of subscription to a capital increase in proportion to the number of shares held.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 3&nbsp;- At the discretion of the Board of Directors, pre-emptive rights for existing shareholders may be excluded or the deadline for their exercise may be reduced in the case of the issue of shares and share-convertible debentures or subscription warrants, which are placed through sale on the stock exchange or by public subscription or through an exchange of shares in a public offer for the acquisition of control, pursuant to the prevailing legislation. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 4 - The Board of Directors shall establish the price, term and conditions of each issue. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 10pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 5 - Shareholders who fail to pay in the subscribed shares, as per the subscription order or call, shall be declared, for all legal purposes, to be in default and shall pay the Company interest of one percent (1%) per month or a fraction thereof, from the first (1st) day as of the failure to perform the obligation, adjusted for inflation pursuant to the law, in addition to a fine equivalent to ten per cent (10%) of the amount in arrears and not paid in.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>1</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Chapter III</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">GENERAL MEETING</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The General Meeting is empowered to decide on all business related to the Company, take any resolutions it deems appropriate for its defense and development, and shall be called, with an indication of the agenda, as provided for by the law. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The General Meeting shall be convened and chaired by the chairman of the Board of Directors or, in his or her absence, by whomever he or she appoints.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 106.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Sole Paragraph - The chairman shall appoint the secretary of the General Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 10</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The General Meeting shall meet ordinarily in the first four months following the end of the fiscal year in order to discuss matters referred to in article 132 of Law 6404 of December 15, 1976, and extraordinarily whenever corporate interests so require.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Shareholders may be represented by a legal representative in the General Meetings as per Law 6404 of December 15, 1976 as long as the power-of-attorney is submitted to the company's headquarters up to 48 (forty-eight) hours before the time established for the Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Chapter IV</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">MANAGEMENT</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Section I</FONT></U></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Standard Rules</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 12</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The management of the Company shall be incumbent upon the Board of Directors and the Board of Executive Officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 13</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The remuneration of the managers shall be established by the General Meeting in accordance with the provisions of this article.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 1&nbsp;&nbsp; - The fixed overall or individual remuneration of the managers, at the discretion of the General Meeting, shall comprise a fixed monthly amount, which are the fees, and in the case of the executive officers, may also include a variable amount to be paid yearly, calculated on the net income of the Company after formation of the reserves required by law, including for the payment of income tax, and of the provision for mandatory dividends.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 2 - In the event that the General Meeting establishing an aggregate&nbsp; amount for the managers&#8217; remuneration, it is incumbent on the Board of Directors to distribute said amount. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Section II</FONT></U></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">BOARD OF DIRECTORS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Board of Directors is composed of 7 (seven) to 11 (eleven) members, all of whom shareholders, elected by resolution of the General Meeting, with a term of office of 1 (one) year, reelection being allowed. One member shall be the Chairman and another the Vice-Chairman The term of office of the Board Members shall extend until the investiture of their successors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 1&nbsp;- The Chairman and Vice-Chairman of the Board of Directors shall be chosen by their peers, by majority vote, at the first meeting held after their investiture.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Unchanged</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 2&nbsp;-&nbsp;&nbsp;In the event that the employees of the Company, whether or not joined in an investment club or as co-owners, do not have a sufficient shareholding to guarantee membership on the Board of Directors, one position on the Board shall be reserved for the person chosen by the employees and in such a capacity, indicated to the General Meeting, through a specific procedure, to be elected to fill said position. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 3&nbsp;-&nbsp; The Executive Officers shall be entitled to speak, when called to attend the Board of Directors meetings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 49.65pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 15</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall meet, ordinarily, on the dates established in the yearly calendar approved by said Board in the last month of the immediately preceding year, and extraordinarily whenever called by the Chairman, the Vice-Chairman, when exercising the role of chairman, or 5 (five) Board Members. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The meetings of the Board of Directors shall only be installed with the attendance of a majority of its members, and shall be presided over by its Chairman.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors meetings may be held, exceptionally, by conference call, video conferencing, electronic mail, or other means of communication, computing as present those members who vote by any of these means.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minutes of the meetings shall be drawn up in a book for this purpose and, after having read and approved by those members present, shall be signed by a sufficient number to constitute the majority required for approval of the matters under examination.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board resolutions shall be passed by a majority vote of those present. In the event of a tie, the Chairman of the meeting shall have the casting vote, in addition to his own.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meetings shall be called at least 72 (seventy-two) hours prior to the date of the meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have a General Secretary, in whose absence will be replaced by another employee or manager designated by the Chairman of the Board.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 16</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the cases of vacancy, temporary impediment, or absence of a member of the Board of Directors, the following rules shall be observed:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 49.65pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of vacancy of any member of the Board of Directors, the remaining members shall appoint a substitute to serve until the Company's next General Meeting, if the number of remaining members is less than the minimum provided in these bylaws, and who, if confirmed by the respective General Meeting. shall complete the term of the member replaced.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 49.65pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 49.65pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of temporary impediment or absence of any member of the Board of Directors, the absent or impeded member may indicate a replacement from among the other members, who will replace and represent the impeded or absent member as long as the impediment lasts. If said impediment lasts for more than ninety days, however, the position will be deemed to be vacant.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 49.65pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the vacancy occurs in the position of Chairman, the Vice-Chairman shall assume the office of Chairman or, &nbsp;in the lack thereof, by another member chosen by the remaining members. In the case of the Chairman's temporary impediment or absence, he shall be replaced by the Vice-Chairman or, in the lack thereof, by another member appointed by him.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 49.65pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the cases of temporary impediment or absence under this Article 15, representatives shall act on their own behalf and on that of the members represented.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 17</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board Members shall, upon request, receive copies of the minutes of meetings of the Board of Executive Officers and any special committees created by the Board of Directors hereunder.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 18</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors may form special committees to assist it, with defined purposes and limited terms of activities, designating the members thereof.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Sole Paragraph - The special committees created by the Board of Directors will have neither an executive nor a deliberative function and their recommendations, proposals and/or opinions should be submitted for consideration by the Board of Directors.</FONT></P><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><BR clear=all></FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 19</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to the duties established by law, it is incumbent upon the Board of Directors:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the general policy for the businesses of the Company, its wholly-owned subsidiaries and controlled companies.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to approve the annual and pluriannual budgets, expansion projects and investment programs, and to follow up on execution and performance thereof;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to elect and dismiss the members of the Board of Executive Officers and assign their duties. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to elect and dismiss the members of the Audit Committee and, if a position becomes vacant, to elect a substitute to complete the term of office of the replaced member.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to assign to an Executive Officer the function of investor relations officer, which may or may not be exercised concurrently with other executive functions and whose powers are established by law.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VI &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to appoint and dismiss the Company's independent auditors after hearing the recommendation of the Audit Committee.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to appoint and dismiss the person responsible for the internal audit, who shall be a legally qualified employee of the Company and report to the Chairman of the Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on capital increases within the limits of authorized capital, observing the provisions of Article 7 of these Bylaws.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to authorize trading by the Company of its own shares for maintenance in treasury for subsequent sale or cancellation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the terms and other conditions for the placement of debentures, including those convertible to shares, specifying the limit of the capital increase resulting from the conversion of the debentures and the type and class of shares to be issued, as well as determining the conditions stated in items VI to VIII inclusive of article 59 of Law 6404/76 and the opportunity for issuance in other cases.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the issuance by the Company of commercial papers, bonds, notes, and other securities intended to raise funds through primary or secondary distribution on the domestic or international capital markets.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish criteria for the following acts by the Executive Officers, independently of prior authorization by the Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 6pt 0cm 0pt 135.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">acquisition, disposal and encumbrance of any permanent asset;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 6pt 0cm 0pt 135.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">conduction of any legal business by the Company, including financing and loans, including companies directly or indirectly controlled by the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 6pt 0cm 0pt 135.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">the constitution of any type of guarantee or encumbrance on any asset that is not part of the Company&#8217;s permanent assets, including for the benefit or in favor of third parties as long as the party is a subsidiary entity, subsidiary or affiliate of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XIII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the operation or action constituting a transfer of the Company's funds to others, including employee associations, recreational assistance entities, pension funds, foundations and public corporations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XIV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to require audits of companies, foundations and similar entities in which the Company participates.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve on any acts involving transformation, consolidation, spin-off, merger or liquidation of companies in which the Company has corporate holding;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVI &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the establishment of subsidiaries by the Company and on the acquisition of shares, as well as on the Company's representation at the General Meetings and meetings of partners and on matters submitted to said meetings.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVII &nbsp;&nbsp;&nbsp;&nbsp; to appoint and dismiss the General Secretary of the Board of Directors and define his duties;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVIII&nbsp;&nbsp;&nbsp;&nbsp; to establish policies for taking up tax incentives;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XIX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the remuneration, determine the duties, and approve the operational rules for the functioning of the Audit Committee and any other committees that may be created.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to call General Meetings and comment on all matters required to be submitted to the General Meetings.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XXI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve any omissions and perform other legal duties and prerogatives that do not conflict with those established in these bylaws or by law. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XXII &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve on any matters that go beyond the authority established for the Board of Executive Officers, as provided for in Article 19.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Section III</FONT></U></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">EXECUTIVE COMMITTEE </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Company shall have a Board of Executive Officers composed of 9 (two) to (nine) Executive Officers, at the discretion of the Board of Directors, one of whom to be the Chief Executive Officer and the other Executive Officers without specific title, each having an area of activity determined by the Board of Directors, one of whom shall be designated as the investor relations officer.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term of office of the Executive Officers is two years, reelection being allowed, and will last until their respective successors take office.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of impediment or vacancy of any Officer, said Officer will be replaced in accordance with the determination of the Board of Directors. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive Officers shall perform their duties on a full-time basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 21</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With due regard for the guidelines and resolutions of the Board of Directors and the General Meeting, the Board of Executive Officers shall have authority to administer and manage the business of the Company, with powers to perform all acts and carry out all transactions related to the purpose of the Company, with due regard for the provisions established by the Board of Directors (Article 19, item XV) and other provisions provided for herein. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is incumbent upon the Board of Executive Officers to appoint an Executive Officer or attorney in fact with specific powers to represent the Company severally in certain acts.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Executive Officers shall authorize the opening, transfer or closing of branches, agencies, offices and establishments of any other kind of the Company.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Executive Officers shall approve the names of the persons to be appointed by the Company to the executive boards and boards of directors, advisory and decision-making councils, and audit committees of commercial or civil companies directly or indirectly controlled by or associated with the Company and associations, foundations and other types of corporate groups in which the Company participates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Board of Executive Officers shall meet whenever summoned by the Chief Executive Officer or by two Executive Officers, and shall be installed if a majority of its members are present.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Executive Officers shall decide always by a majority vote of those present. In the event of a tie, the Board of Executive Officers shall submit the matter to the Board of Directors for resolution. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions of the Board of Executive Officers shall be recorded in minutes drawn up in the proper book and signed by all present members, the copies of all minutes being sent to the members of the Board of Directors upon request.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Chief Executive Officer shall:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preside over meetings of the Board of Executive Officers;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; carry out the executive direction of the Company, to that end coordinating and supervising the activities of the other Executive Officers, ensuring full observance of the resolutions and policies established by the Board of Directors and General Meeting;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; organize, coordinate and supervise the activities of the areas directly subordinate to him;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; allocate special activities and duties to any of the Executive Officers independently of their normal ones, ad referendum of the Board of Directors;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; keep the Board of Directors informed of the activities of the Company;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VI &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prepare, with the assistance of the other Executive Officers, and submit to the Board of Directors proposals to (i) define the duties of the other Executive Officers; and (ii) establish the criteria as to amounts or limit for expenditure for acts by each of the Executive Officers; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prepare the annual report and draw up the balance sheet, together with the other Executive Officers.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 24</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is incumbent upon each of the Executive Officers, within the specific sphere of activity allocated to them by the Board of Directors:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to represent the Company in accordance with the law and these bylaws;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to organize, coordinate and supervise the services for which they are responsible;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to attend Board of Executive Officers meetings, helping define the policies to be followed by the Company and reporting on matters in their respective areas of supervision and coordination;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to comply and cause compliance with the policies and general guidelines for the business of the Company established by the Board of Directors, each Executive Officer being responsible for his specific area of activity.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The representation of the Company and the practice of acts necessary for its normal operation shall be the responsibility of the Executive Officers, subject to the following provisions:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All acts, agreements or documents that imply responsibility for the Company or that release third parties from responsibilities or obligations with the Company shall be signed (a) by two Executive Officers, (b) by an Executive Officer and one attorney in fact with these specific powers, or (c) by two attorneys in fact with these specific powers, under penalty of not producing effects against the Company.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With the exception of&nbsp; the provisions in these bylaws, the Company may be represented by any one Executive Officers or attorney in fact with special powers in the following circumstances: (i) when performing simple routine administrative acts, including those in connection with government departments in general, autonomous government entities, government-owned companies, mixed-capital companies, the Commercial Registry, Labor Courts, National Social Security Institute, Unemployment Compensation Fund, and its banks; (ii) before public service concessionaires or licensees in acts that do not imply the assumption or release of third party obligations; (iii) to protect its rights in administrative proceedings or of any nature, and in meeting its tax, labor, or social security obligations; (iv) in the endorsement of securities for purposes of collection or deposit in the Company's bank accounts; (v) to represent the Company in general meetings of shareholders or the equivalent of companies, consortia, and other entities in which the Company participates;&nbsp; (vi) for the purpose of receiving subpoenas, citations, notices, or judicial notifications in active and passive representation of the Company in court and testify in person, or similar acts; and (vii) the signature of documents of any kind that may result in the assumption of commitments by the Company in circumstances in which the presence of a second representative is not possible and if authorized by the Board of Executive Officers (Art. 21, &#167; 1).</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The acts for which these Bylaws require prior authorization by the Board of Directors may only be performed after said condition has been met;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall define the amount above which the acts and instruments entailing liabilities for the Company shall necessarily be signed by an Executive Officer jointly with an attorney in fact with specific powers;</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>6</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 26 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The following rules shall be observed as regards the appointment of attorneys in fact:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all powers of attorney shall be signed by two Executive Officers or by one Executive Officer jointly with an attorney in fact appointed by the Board of Directors;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except in the event of &nbsp;judicial powers of attorney, which may be granted for an indefinite period, all powers of attorney shall be granted for a specific term of no more than one year, with specific and limited powers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 27</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> Any acts performed without due regard for the rules established in these bylaws, particularly in articles 25 and 26, shall be null and void, and shall not give rise to any liabilities for the Company.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Chapter V</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">FISCAL COMMITTEE</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Designed to function in the fiscal years in which it is constituted at the request of shareholders, the Fiscal Council shall be composed of 3 (three) sitting members and 3 (three) alternates elected by the General Meeting, which shall establish the compensation of the sitting members.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Sole paragraph&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fiscal Council's term of office ends upon the first Annual General Meeting held after it has been constituted.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Chapter VI</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">AUDIT COMMITTEE</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Company will have an Audit Committee composed of three (3) members elected by the Board of Directors from among its members, with term of office of one (1) year, reelection being allowed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Sole Paragraph&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors will approve the Internal Rules of the Committee, whereby its functions and duties, which shall comply with the laws and regulations applicable to audit committees, will be determined.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Chapter VII</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">FISCAL YEAR, BALANCE SHEETS AND PROFITS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 30 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The fiscal year shall end on December 31 of each year, when the Financial Statements shall be drawn up and, after examination by the Board of Directors, submitted to the General Meeting, along with the proposal for allocation of net income for the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accumulated losses and provision for income and social contribution taxes will be deducted from the result of the year, prior to any profit sharing. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The net income shall mandatorily have the following allocation:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; five per cent (5%) shall be allocated to the legal reserve fund until reaching twenty per cent (20%) of the subscribed capital stock; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; payment of mandatory dividends (Article 33);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; allocation of the remaining income shall be resolved by the General Meeting, observing the legal precepts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 60.1pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">The Board of Directors may propose, for the deliberation of the Meeting, the deduction of at least 1% (one percent) from net income for the year for the establishment of a Working Capital and Investment Reserve, in accordance with the following precepts:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its constitution shall not jeopardize the right to minimum mandatory dividends referred to in Article 33. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its balance in conjunction with the other income reserves, excluding reserves for contingencies and unrealized profits, may not exceed the Company&#8217;s capital stock, under penalty of capitalization or distribution in cash of the surplus at the discretion of the General Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the reserve is intended to ensure the maintenance and development of activities that constitute the Company's corporate purpose and investments in fixed assets, or additions to working capital including through amortizations of the Company&#8217;s debt, independently of the retention of profits linked to the capital budget.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its balance may be used (i) to absorb losses whenever necessary, (ii) for the distribution of dividends at any time, (iii) for the redemption, repayment, or purchase of shares as authorized by law, and (iv) be incorporated into the Company&#8217;s capital, including through stock bonuses consisting of new shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 31 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;In addition, it shall be incumbent upon the Board of Directors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 70.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to determine the drawing up of half-yearly and quarterly balance sheets, or for shorter periods, observing the legal precepts;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 70.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to approve the payment of any additional interim dividends, including as a total or partial advance on the mandatory dividend for the year in progress, observing the legal provisions;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 70.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to declare dividends to the year&#8217;s profit account verified in the half-yearly balance sheets, retained earnings or profit reserves existing in the last annual or half-yearly balance sheet;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 67.1pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 67.1pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">IV &#8211; pay interest on equity attributing the interest paid or credited to the mandatory dividend (Article 33), pursuant to Article 9, paragraph 7 of Law 9249 of December 26, 1995.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 32 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The Board of Directors&#8217; act to resolve on the advance payment of the mandatory dividend shall determine if these payments will be monetarily restated, deducted from the mandatory dividend for the year and once this deduction is determined, the Annual General Meeting will e the payment of the mandatory balance, if any, as well as the reversal to the original account of the amount paid in advance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 33 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The d</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ividend distribution shall not be less than 25% (twenty-five percent) of the net income, pursuant to article 202 of Law 6404 of December 15, 1976, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">and in compliance with Article 30 hereof</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 34 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends shall be paid on the dates and at the places indicated by the Executive Officer in charge of the Investor Relations area. If not claimed within 3 (three) years as from the beginning of the payment, dividends shall become time-barred in favor of the Company. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Chapter VIII</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">LIQUIDATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Article 35 </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall be liquidated in the events established by Law, with due regard for the applicable rules.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 39pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Sole Paragraph - The General Meeting that approves the liquidation shall appoint the liquidator and the members of the Fiscal Council that shall function during the liquidation period, establishing their respective fees. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>8</FONT></FONT></P></DIV></DIV>

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<DESCRIPTION>EXHIBIT 8.1
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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Equity interest (%)</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>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</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: 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>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Jurisdiction</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" 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"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Islands VII Corp.</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>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>100.00 </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Islands VIII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Islands IX Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Islands X Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Islands XI Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Islands XII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Tangua Inc.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Equity interests and financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Belize</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Minerals S. L.(1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN Export Europe, S.L. (2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" 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><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Metals S.L. (3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Equity interests and financial transactions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Americas S.L. (4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Equity interests and financial transactions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Steel S.L. (5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Equity interests and financial transactions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="30%">

   <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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Dormant company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Sepetiba Tecon S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Port services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Itagua&#237;/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Minera&#231;&#227;o Nacional S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Mining and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Congonhas/MG,Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <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 S.A.- merged by Parent Company on 1/28/2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" 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><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Manufacture and sale of steel and/or metallurgical products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Volta Redonda/RJ, Brazil<BR></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Florestal Nacional S.A.(6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Reforestation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Estanho de Rond&#244;nia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Tin mining</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Ariquemes/RO, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Manufacture of packaging and distribution of steel products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Maracana&#250;/CE, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Manufacture of packaging and distribution of steel products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Cimentos S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Cement manufacturing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Volta Redonda/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Inal Nordeste S.A.- merged by Parent Company on 5/30/2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" 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><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Service center for steel products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Cama&#231;ari/BA, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Gest&#227;o de Recursos Financeiros Ltda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Dormant company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Congonhas Min&#233;rios S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Mining and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Congonhas/MG,Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Energia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Sale of electric power</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Rio de Janeiro/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Transnordestina Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>70.91 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>76.45 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Railroad logistics</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Fortaleza/CE, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Indirect interest: full consolidation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Aceros S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Steel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Delaware/EUA</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Europe Lda.(7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Madeira Island/Portugal</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Ib&#233;ria Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Madeira Island/Portugal</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Portugal, Unipessoal Lda. (8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial transactions and product sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Madeira Island/Portugal</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Lusosider Projectos Sider&#250;rgicos S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Seixal/Portugal</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Lusosider A&#231;os Planos, S. A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.94 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.94 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Steel and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Seixal/Portugal</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Acquisitions, Ltd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>London/England</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Resources S.A.(9)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>M&#252;nsbach/Luxemburg</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>London/England</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>London/England</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN Handel GmbH(10)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Vienna/Austria</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Itamambuca Participa&#231;&#245;es S. A. - merged by CSN Cimentos em 5/30/2011</FONT></P></TD>

   <TD width="1%" noWrap>&nbsp;</TD>

   <TD width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Mining and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Arcos/MG, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Companhia Brasileira de Latas (11)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>59.17 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Sale of cans and containers in general and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Rimet Empreendimentos Industriais e Comerciais S. A.(11)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>58.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Production and sale of steel containers and forestry</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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: #ffffff; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Resende/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Companhia de Embalagens Met&#225;licas MMSA (11)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Production and sale of cans and related activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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: #ffffff; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Barra Mansa/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Empresa de Embalagens Met&#225;licas - LBM Ltda. (11)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Sales of containers and holding interests in other entities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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: #ffffff; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Barra Mansa/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Empresa de Embalagens Met&#225;licas - MUD Ltda. (11)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Production and sale of household appliances and related products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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: #ffffff; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Empresa de Embalagens Met&#225;licas - MTM do Nordeste (11)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Production and sale of cans and related activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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: #ffffff; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Companhia de Embalagens Met&#225;licas - MTM (11)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Production and sale of cans and related activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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: #ffffff; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Teresina/PI, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Direct interest: proportionate consolidation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Mining and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Congonhas/MG, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>It&#225; Energ&#233;tica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Generation of electric power</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>27.27 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>22.93 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Railroad transportation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Rio de Janeiro/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>17.92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>17.92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Electric power consortium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Belo Horizonte/MG, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Aceros Del Orinoco S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>22.73 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>22.73 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Dormant company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura (12)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Provision of services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Arauc&#225;ria/PR, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Indirect interest: proportionate consolidation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Equity interests and sales of products and minerals</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Namisa Europe, Unipessoal Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Equity interests and sales of products and minerals</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Madeira Island/Portugal</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>6.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>10.34 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Railroad transportation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Rio de Janeiro/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Aceros Del Orinoco S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>9.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>9.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Dormant company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" 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; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Aloadus Handel GmbH (10)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Vienna/Austria</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" colSpan=7 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>New corporate name of CSN Energy S.&#224;.r.l., changed on December 15, 2010.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" colSpan=7 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>New corporate name of CSN Export S.&#224;.r.l., changed on August 9, 2011.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" colSpan=7 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(3)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>New corporate name of CSN Overseas S.&#224;.r.l., changed on December 15, 2010.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" colSpan=7 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(4)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>New corporate name of CSN Panam&#225; S.&#224;.r.l., changed on December 15, 2010.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" colSpan=7 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(5)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>New corporate name of CSN Steel S.&#224;.r.l., changed on December 17, 2010.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" colSpan=7 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(6)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>New corporate name of Itagua&#237; Log&#237;stica S.A., changed on December 27, 2010.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" colSpan=7 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(7)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>New corporate name of CSN Madeira Lda., changed on January 8, 2010.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" colSpan=7 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(8)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>New corporate name of Hickory-Com&#233;rcio Internacional e Servi&#231;os Lda., changed on January 8, 2010.</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" colSpan=7 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(9)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>New corporate name of CSN Cement S.&#224;.r.l., changed on June 18, 2010.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" colSpan=7 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(10)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face="times new roman"> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Companies that became subsidiaries on November 3, 2011.</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" colSpan=7 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(11)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face="times new roman"> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Companies that became subsidiaries on July 12, 2011.</FONT></P></TD>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" colSpan=7 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(12)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face="times new roman"> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Equity interest acquired on December 5, 2011.</FONT></P></TD>

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<TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Other consolidations</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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; PADDING-TOP: 0cm" vAlign=bottom width="13%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Interest held</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Exclusive funds</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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; PADDING-TOP: 0cm" width="29%" noWrap>

   <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>

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<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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="29%" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>DIPLIC - Fundo de investimento multimercado</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Investment fund</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Mugen - Fundo de investimento multimercado</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" 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="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="29%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Investment fund</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="25%" 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></DIV></DIV>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>exhibit10-2.htm
<DESCRIPTION>EXHIBIT 10.2
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font style="font-variant:small-caps;"><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Fifth
Amendment to the Share Purchase Agreement and Other Covenants</font></u></font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">by and among</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Companhia Sider&#250;rgica
Nacional,</font></font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">as Seller</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Brazil Japan Iron Ore
Corporation </font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">and</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Posco,</font></font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">as Buyer</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Itochu Corporation,</font></font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">JFE Steel Corporation,</font></font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Kobe Steel, Ltd.,</font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> and</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Nisshin Steel Co., Ltd.,</font></font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">as Guarantors</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">and, as intervening party,</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Nacional Min&#233;rios S.A </font></font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:17.0pt;">Dated June 30<sup>th</sup></font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:17.0pt;">, </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:17.0pt;">2011&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:17.0pt;">&nbsp;</font></font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;text-justify:inter-ideograph;"><b><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;">CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA

SIDERURGICA NACIONAL</font></b></p>



<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-VARIANT: small-caps"><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Fifth Amendment to the Share Purchase Agreement and other Covenants</FONT></U></FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">This Fifth Amendment to the Share Purchase Agreement and Other Covenants (this "</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Amendment</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">"), is made and entered into on June 30<SUP>th</SUP>, 2011, by and among: </FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(i) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Companhia Sider&#250;rgica Nacional</FONT></FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">, a publicly-held corporation (</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">sociedade an&#244;nima</FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">) incorporated, organized and existing under the laws of Brazil, having its registered office at the city of S&#227;o Paulo, state of S&#227;o Paulo, at Av. Brigadeiro Faria Lima 3400, 20 floor enrolled with the Federal Taxpayers&#8217; Registry (</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">CNPJ/MF</FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">) under N. 33.042.730/0001-04, herein represented pursuant to its by-laws ("</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">CSN</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">" or "</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Seller</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(ii) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Brazil Japan Iron Ore Corporation</FONT></FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">, a company duly organized and existing under the laws of Japan, with its head office located at Watanabe Bldg. 5F, 1-4-2, Minami-Aoyama Minato-ku, Tokyo, 107-0062, Japan, herein represented pursuant to its by-laws ("</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Japanese SPC</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(iii) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Posco</FONT></FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">, a company incorporated, organized and existing under the laws of Korea, having its registered office at 892 Daechi 4-dong Gangnam-gu, Seoul, 135-777, Korea, herein represented pursuant to its by-laws ("</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Posco</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">" and, together with Japanese SPC, "</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Buyer</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(iv) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Itochu Corporation</FONT></FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">, a company incorporated, organized and existing under the laws of Japan, having its principal office at 5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo, Japan, herein represented pursuant to its by-laws ("</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Itochu</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">"); &nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(v) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">JFE Steel Corporation</FONT></FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">,</FONT><B><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">a company incorporated, organized and existing under the laws of Japan, having its registered office at 2-2-3, Uchisaiwai-cho, Chiyoda-ku, Tokyo, Japan, herein represented pursuant to its by-laws ("</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">JFE</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(vi) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Kobe Steel</FONT></FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">, </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Ltd</FONT></FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">., a company incorporated, organized and existing under the laws of Japan, having its registered office at&nbsp; 10-26, Wakinohama-cho 2-chome, Chuo-Ku, Kobe, Hyogo, 651-8585, Japan, herein represented pursuant to its articles of association ("</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Kobe</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">"); and</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(vii) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Nisshin Steel</FONT></FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Co., Ltd</FONT></FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">., a company incorporated, organized and existing under the laws of Japan, having its registered office at 4-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo 100-8366, Japan, herein represented pursuant to its articles of association ("</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Nisshin</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">" and, together with Itochu, JFE and Kobe, &#8220;</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Guarantors</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8221;);&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</FONT></B></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">and, as intervening party,</FONT></DIV>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(viii) </FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Nacional Min&#233;rios S.A., </FONT></FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">a closely-held corporation (</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">sociedade an&#244;nima</FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">) incorporated, organized and existing under the laws of Brazil, having its registered office at the Municipality of Congonhas, State of Minas Gerais, at Logradouro Casa de Pedra, without number, part, enrolled with the Federal Taxpayers&#8217; Registry (</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">CNPJ/MF</FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">) under N. 08.446.702/0001-05, herein represented pursuant to its by-laws ("</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Company</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">CSN, Posco and Japanese SPC are referred to herein, individually, as a "</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Party</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">" and, collectively, as the "</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Parties</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">".&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Recitals</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">A.</FONT><FONT style="LINE-HEIGHT: 17pt; 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;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Whereas on October 21, 2008, the Parties and the Guarantors</FONT><FONT style="LINE-HEIGHT: 17pt; LETTER-SPACING: 0pt; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman"> </FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">entered into the "Share Purchase Agreement and Other Covenants" ("</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Original Agreement</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">B.</FONT><FONT style="LINE-HEIGHT: 17pt; 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;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Whereas the Parties and the Guarantors also executed (i) on December 22, 2008, the "First Amendment to the Share Purchase Agreement and Other Covenants" ("</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">First Amendment</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">") and (ii) on December 23, 2008, the "Second Amendment to the Share Purchase Agreement and Other Covenants" ("</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Second Amendment</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">"), in order to amend certain terms and conditions of the Original Agreement;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">C.</FONT><FONT style="LINE-HEIGHT: 17pt; 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;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Whereas on December 30, 2008, the Closing was held by the Parties and the Guarantors in accordance with the terms and conditions set forth in Article 4 of the Original Agreement, as amended;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">D.</FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Whereas on April 22, 2009 and on July 29, 2009, the Parties and the Guarantors executed, respectively, (i)&nbsp;the "Third Amendment to the Share Purchase Agreement and Other Covenants" ("</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Third Amendment</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">"), and (ii)&nbsp;the "Fourth Amendment to the Share Purchase Agreement and Other Covenants" (&#8220;</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Fourth Amendment</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8221; and, together with the Original Agreement, the First Amendment, the Second Amendment and the Third Amendment, the "</FONT><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Agreement</FONT></U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">"), in order to amend certain other terms and conditions of the Original Agreement;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whereas, </FONT><FONT style="LINE-HEIGHT: 17pt; LETTER-SPACING: 0pt; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">due to the delay on the implementation of the Company&#8217;s Long-Term Business Plan and the Mid-Term Business Plan (as defined in the Shareholders&#8217; Agreement of the Company dated December 30, 2008, as amended),</FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> the Parties </FONT><FONT style="LINE-HEIGHT: 17pt; LETTER-SPACING: 0pt; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">and the Guarantors </FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">have discussed in good faith certain adjustments to the Long-Term Business Plan and the Mid-Term Business Plan and, therefore, agreed to amend certain terms and conditions of the Agreement regarding the Post-Closing Covenants, as defined in the Agreement, to reflect the revised business structure of the Company;</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</FONT></B></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">T</FONT></FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">he Parties</FONT><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman"> and the Guarantors</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> agree, in consideration of the foregoing, to enter into this Amendment as per the following terms and conditions:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(Capitalized terms used in this Amendment and not otherwise defined herein shall have the meaning ascribed to them in the Agreement).</FONT></P>

<P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Article 1</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="FONT-VARIANT: small-caps"><U><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Post-Closing Covenants</FONT></U></FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: auto; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Parties hereby decide to amend Section 7.2 of the Agreement in order to reflect the negotiations held among the Parties with respect to the Post-Closing Covenants.&nbsp; Therefore, Section 7.2 of the Agreement is hereby amended and shall become effective as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">"Section 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><U><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Post-Closing Covenants</FONT></U></I><I><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">. &nbsp;</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The Parties agree as follows with respect to the period following the Closing ("</FONT></I><I><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Post-Closing Covenants</FONT></U></I><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">"):&nbsp;</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">7.2.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seller shall guarantee and procure that (i) all of the areas necessary for the construction, implementation and operation of the first and second Pellet Plants, the High Silica Plant, the B-58 Tailing Dam ("</FONT></I><I><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Relevant Areas</FONT></U></I><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">" and "</FONT></I><I><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Relevant Assets</FONT></U></I><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">", respectively) are purchased by the Company (at the sole expense of Seller) by the deadlines as set forth below, (ii) the Company obtains all Permits (except for (a) Section 7.2.2, (b) the environmental operation license </FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(licen&#231;a de opera&#231;&#227;o</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">) (the "</FONT></I><I><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">LO</FONT></U></I><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">"), and (c) any renewal of the environmental installation license (</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">licen&#231;a de instala&#231;&#227;o</FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">) (the "</FONT></I><I><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">LI</FONT></U></I><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">") obtained by the Company or by the Seller in relation to any Relevant Asset) required under Applicable Law in relation to the construction and implementation of the Relevant Assets; provided, however, that each of the LIs shall be obtained by the deadlines as set forth below; and, if applicable, (iii) any communities potentially occupying the Relevant Areas are definitely and legally relocated as provided in the agreement with government of the State of Minas Gerais ("</FONT></I><I><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Relevant Communities</FONT></U></I><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">") so that the applicable deadlines for the acquisitions of the Relevant Areas and the obtaining of LIs are not impacted by such potential occupation.</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 15.2pt; MARGIN: 0in 0in 6pt 0.25in"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">[Relevant Areas]</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(1) First Pellet Plant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]<SUP>
<A href="#_ftn1" name=_ftnref1><FONT face="Times New Roman"><FONT face="Times New Roman"></FONT></FONT></A></SUP></FONT>
<A href="#_ftn1" name=_ftnref1><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><U><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[1]&nbsp;</FONT></U></FONT></FONT></A></P>

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<A href="#_ftnref1" name=_ftn1><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><FONT style="VERTICAL-ALIGN: 0px" face="Times New Roman"><FONT style="LETTER-SPACING: 0pt; COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">[1]</FONT></FONT></FONT></A>&nbsp;<FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Text marked as [&#9679;] denotes CONFIDENTIAL PORTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.</FONT></P><FONT lang=EN-US></FONT>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P><FONT lang=EN-US></FONT></DIV>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(2) Second Pellet Plant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(3) High Silica Plant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 42.55pt"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(4) B-58 Tailing Dam&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 42.55pt"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">[LIs]</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 6pt 42.55pt"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(1)</FONT></I><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></I><FONT dir=ltr>&nbsp;</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Second Pellet Plant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 6pt 42.55pt"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(2)</FONT></I><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></I><FONT dir=ltr>&nbsp;</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">High Silica Plant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 6pt 42.55pt"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(3)</FONT></I><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></I><FONT dir=ltr>&nbsp;</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">B-58 Tailing Dam&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">7.2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with each of the Relevant Assets, as from the date in which the LIs are obtained as per Section 7.2.1, each of Seller and Buyer acknowledges that the Company shall be solely responsible for maintaining, renewing and/or obtaining all Permits required under Applicable Law, including but not limited to the LOs.&nbsp; Seller and Buyer hereby acknowledge that the LI for the First Pellet Plant was obtained on December 11, 2007 and Seller and Buyer agree that, subject to Section 7.2.2.1(i) and (ii), if any renewal of such LI is required, each of Seller and Buyer shall provide the Company with the reasonably necessary</FONT></I><FONT style="LINE-HEIGHT: 17pt; LETTER-SPACING: 0pt; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman"> </FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">support.&nbsp;</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">7.2.2.1. Notwithstanding the foregoing, each of Seller and Buyer shall provide the Company with the reasonably necessary</FONT></I><FONT style="LINE-HEIGHT: 17pt; LETTER-SPACING: 0pt; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman"> </FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">support service aiming at the Company obtaining the LOs for each of the Relevant Assets by no later than the end of </FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">. For avoidance of doubt, (i) any such support service shall not be interpreted nor be considered as a guarantee nor as a responsibility by Seller and/or Buyer in connection with the obtaining of any LO or any renewal of LI, nor shall Seller and/or Buyer be liable for any consequence that may result from the failure in the obtaining of any such LO or any renewal of LI; and (ii) each of Seller and Buyer shall not be considered liable for the failure to obtain the LO or to renew any LI, if such failure results from any support service that it provides to the Company during the period in which the Company is not structured to duly conduct its activities and implement or operate the Relevant Assets, as an independent Company. </FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">7.2.2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exclusively in the case Buyer demonstrates that the failure to obtain the LO by no later than the end of </FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> is due to a reason exclusively attributable to Seller, Buyer shall have the right to terminate this Agreement pursuant to Section 7.2.4 below.</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">7.2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of Seller and Buyer shall cause the Company to approve all Major Decisions (as defined in the Shareholders&#8217; Agreement) necessary for the acts or events described in Section 7.2.1.&nbsp; </FONT></I></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">7.2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary as contained herein, Buyer shall have the right at its sole discretion to forthwith terminate this Agreement by sending a written notice ("</FONT></I><I><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Termination Notice</FONT></U></I><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">") to Seller to that effect no later than </FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> counted from the date which any of the particular items as set forth in Section 7.2.1 is not obtained and/or completed by the deadline applicable to such item for any reason or circumstance whatsoever, even in case of any circumstances not under Seller&#8217;s command or control, including but not limited to force majeure events (without limiting the generality of the provisions under Article 393 of the Brazilian Civil Code).</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">7.2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In case of termination of this Agreement as set forth in Sections 7.2.2.2 and/or 7.2.4 above and Section 10.1.6 (a &#8220;</FONT></I><I><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Termination for Breach of PCC</FONT></U></I><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8221;), Buyer, as sole and exclusive remedy as a consequence of such Termination for Breach of PCC, shall sell its Shares to Seller and receive from Seller, no later than </FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> counted from receipt by Seller of the Termination Notice, a refund, in Dollars, for its investment in the Company as set out in Section 7.2.5.1 and 7.2.5.2 below (&#8220;</FONT></I><I><U><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Refund</FONT></U></I><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8221;), in exchange for the transfer by Buyer of all the Acquired Shares and of the New Shares to the Seller, which shall be transferred to Seller simultaneously to the receipt by Buyer of the full amount of the Refund.</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 28.35pt; MARGIN: 0in 0in 12pt 14.2pt"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">7.2.5.1</FONT></I><I><FONT style="LINE-HEIGHT: 17pt; 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></I><FONT dir=ltr>&nbsp;</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">The amount of the Refund shall be equivalent to (A) the amount paid by Buyer in Dollars for the Investment (as defined in Section 3.1.2), together with&nbsp; (i) the interest accrued thereon from and including the Closing Date through but excluding the date of the payment of the Refund by Seller to Buyer at the fixed annual rate of </FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">% applicable on a pro-rata basis minus (ii) any dividends, interest on capital stock (juros sobre capital proprio) or other profit distributions paid to Buyer since the Closing Date together with the interest accrued thereon from and including the date of receipt through but excluding the date of the payment of the Refund at the fixed annual rate of </FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">% &nbsp;applicable on a pro rata basis and (B) any and all amounts provided by Buyer to the Company as capital increase to the Company, together with interest accrued from and including the date of the payment of any of such amounts to the Company through but excluding the date of the payment of the Refund by Seller to Buyer at the fixed annual rate of </FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 12pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">% applicable on a pro-rata basis.</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 21.25pt; MARGIN: 0in 0in 12pt 14.2pt"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">7.2.5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Refund shall be paid in Dollars, in one or more bank accounts in the United States of America, Korea or Japan (to the extent payments in Dollars are permitted under such jurisdictions) to be designated and informed in writing by Buyer to Seller within 30 (thirty) days prior to the date of payment of the Refund. In all events, the Refund shall be paid without setoff or counterclaim and free and clear of any costs and/or any Taxes applicable in Brazil at the time of the Refund (including, without limitation, tax on foreign exchange transactions (Imposto Sobre Opera&#231;&#245;es de C&#226;mbio &#8211; IOF/C&#226;mbio) and withholding income tax). If any costs and/or Brazilian Taxes are due or required to be withheld from any amounts payable to Buyer, the </FONT></I><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Refund so payable to Buyer shall be increased to the extent necessary to yield to Buyer (after payment of all Taxes) the full amount of the Refund payable hereunder.&#8221; </FONT></I></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</FONT></B></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In order to reflect the amendment to Section 7.2, as described above, the Parties hereby decide to delete the definition of &#8220;Relevant Permits&#8221; set forth in Article 1 (Definitions and Rules of Construction) of the Agreement.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="FONT-VARIANT: small-caps"><U><FONT style="LINE-HEIGHT: 17pt; TEXT-TRANSFORM: none; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Termination</FONT></U></FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: auto; TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="LINE-HEIGHT: 17pt; TEXT-TRANSFORM: none; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman">Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Parties hereby decide to amend Sections 10.1 and 10.2 of the Agreement in order to reflect the amendments agreed above on Section 7.2 in connection with the Post-Closing Covenants.&nbsp; Therefore, Sections 10.1 and 10.2 of the Agreement are hereby amended and shall become effective as follows:</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&#8220;Section 10.1&nbsp; Termination.</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">This Agreement may be terminated prior to Closing (except for breach of Post-Closing Covenant, in which case termination may occur after Closing) by one or more Parties and all of the transactions contemplated hereby abandoned:</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">10.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by the mutual written consent of Buyer and Seller; </FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">10.1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by Buyer, if there has been a material breach, inaccuracy, omission or non-performance by Seller of any representation, warranty, covenant (excluding Post-Closing Covenants) or obligation contained in this Agreement and either (a) has not been waived by Buyer, or (b) if capable of being cured, was not cured by Seller within 30 (thirty) days after written notice thereof from Buyer;</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">10.1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by either Buyer or Seller if any Governmental Authority having competent jurisdiction has issued a final, non-appealable order, decree, ruling or injunction (other than a temporary restraining order) or taken any other action materially changing, restraining, enjoining, prohibiting or otherwise materially and adversely affecting the transactions contemplated by this Agreement and the Operational Agreements; </FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">10.1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by Seller, if there has been a material breach, inaccuracy, omission or non-performance by Buyer of any representation, warranty, covenant or obligation contained in </FONT></I>


<I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">this Agreement and either (a) has not been waived by Seller or (b) if capable of being cured, was not cured by Buyer within 30 (thirty) days after written notice thereof from Seller; and</FONT></I></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">10.1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by any of the Parties if the Closing has not occurred because the conditions provided in Section 4.2 hereunder were not properly fulfilled or waived by the relevant Party on or before 180 (one hundred and eighty) days from the date of this Agreement or such later date as the Parties may agree upon in writing.</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">10.1.6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by Buyer, in case of Sections 7.2.2.2 and/or 7.2.4 above.</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Section 10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Termination.</FONT></I></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.25in"><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">In order to effect the termination of this Agreement by Seller or Buyer pursuant to Section 10.1, written notice thereof shall promptly be given by the terminating Party to the other Party, and this Agreement shall thereupon terminate, except for termination notice based on Section 10.1.6, which notice shall be provided in accordance with Section 7.2.4. This Agreement shall have no further force or effect, and all further obligations of the Parties under this Agreement shall terminate without further Liability of any Party to any other Party, except (a) that such termination shall not affect (i) any claim any Party may have for damages caused by any reason of, or relieve any Party from Liability for, any breach of this Agreement prior to termination, but excluded any Liability that is related to the Termination for Breach of PCC</FONT></I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">,&nbsp;</FONT><I><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> (ii) the provisions of Section 12.3 (Arbitration) and (iii) Section 12.12 (Confidentiality); and (b) the right of Buyer to receive the Refund from Seller as sole and exclusive remedy pursuant to Section 7.2.5 as a result of Termination for Breach of PCC pursuant to Section 10.1.6.&#8221;</FONT></I></P>

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<P style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="FONT-VARIANT: small-caps"><U><FONT style="LINE-HEIGHT: 17pt; TEXT-TRANSFORM: none; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Miscellaneous</FONT></U></FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The invalidity or nullity, in whole or in part, of any Section of this Amendment shall not affect other Sections, which shall continue to be valid and in effect.&nbsp; In the event of any such invalidity or nullity, the Parties hereby undertake to negotiate, in the shortest period of time possible, as replacement for the invalid or null Section, the inclusion in this Amendment of valid terms and conditions that reflect the terms and conditions of the invalid or null Section, taking into consideration the intention and the purpose of the Parties at the time of the negotiation of the invalid or null Section and the context in which it appears.</FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; LETTER-SPACING: 0pt; FONT-SIZE: 11pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">Section 3.2</FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Guarantors execute this Amendment for the sole purpose of Section 11.1 of the Original Agreement. </FONT></P>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, the undersigned have caused their respective duly authorized representatives to execute this Amendment as of the day and year first above written.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Second Amendment and Restatement of the<BR>Shareholders' Agreement</FONT></FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> of<BR></FONT></FONT><FONT style="FONT-VARIANT: small-caps"><U><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 13pt" lang=AF color=windowtext face="Times New Roman">Nacional Min&#233;rios S.A.</FONT></U></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><FONT style="FONT-VARIANT: small-caps"><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=AF color=windowtext face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">This Second Amendment and Restatement of the Shareholders' Agreement of Nacional Min&#233;rios S.A. is entered into by and among:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">I.</FONT></FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as parties:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-VARIANT: small-caps"><B><FONT style="FONT-SIZE: 13pt" lang=AF color=windowtext face="Times New Roman">Companhia Sider&#250;rgica Nacional</FONT></B></FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, with head offices in the city of </FONT><FONT style="LETTER-SPACING: 0.4pt; FONT-SIZE: 13pt" lang=AF color=windowtext face="Times New Roman">S&#227;o Paulo</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, state of </FONT><FONT style="LETTER-SPACING: 0.4pt; FONT-SIZE: 13pt" lang=AF color=windowtext face="Times New Roman">S&#227;o Paulo</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, at </FONT><FONT style="LETTER-SPACING: 0.2pt; FONT-SIZE: 13pt" lang=AF color=windowtext face="Times New Roman">Av. Brigadeiro Faria Lima 3400, 20 floor</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, enrolled with the Federal Taxpayer's Registry under N. </FONT><FONT style="FONT-SIZE: 13pt" lang=AF color=windowtext face="Times New Roman">33.042.730/0001-04</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, herein represented in accordance with its by-laws ("</FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">CSN</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-VARIANT: small-caps"><B><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Brazil Japan Iron Ore Corporation</FONT></B></FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, with its head office at Watanabe Bldg. 5F, 1-4-2, Minami-Aoyama Minato-ku, Tokyo, 107-0062, Japan, herein represented in accordance with its by-laws</FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">("</FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Japanese SPC</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">"); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-VARIANT: small-caps"><B><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Posco</FONT></B></FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, with its head office at 892 Daechi 4-dong Gangnam-gu, Seoul, 135-777, Korea, herein represented in accordance with its by-laws</FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">("</FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Posco</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">" and, together with the Japanese&nbsp;SPC, the "</FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">New Investor</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">"); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as intervening party:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-VARIANT: small-caps"><B><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 13pt" lang=AF color=windowtext face="Times New Roman">Nacional Min&#233;rios S.A.,</FONT></B></FONT><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 13pt" lang=AF color=windowtext face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">with head offices in the city of </FONT><FONT style="LETTER-SPACING: 0.3pt; FONT-SIZE: 13pt" lang=AF color=windowtext face="Times New Roman">Congonhas</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, state of </FONT><FONT style="LETTER-SPACING: 0.3pt; FONT-SIZE: 13pt" lang=AF color=windowtext face="Times New Roman">Minas Gerais</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, at </FONT><FONT style="LETTER-SPACING: 0.3pt; FONT-SIZE: 13pt" lang=AF color=windowtext face="Times New Roman">Logradouro Casa da Pedra, without number, part,</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> enrolled with the Federal Taxpayer's Registry under N. </FONT><FONT style="LETTER-SPACING: 0.3pt; FONT-SIZE: 13pt" lang=AF color=windowtext face="Times New Roman">08.446.702/0001-05</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, herein represented in accordance with its by-laws ("</FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Company</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">").&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(CSN and the New Investor jointly referred to as "</FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Parties</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">" or "</FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Shareholders</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">" and individually as "</FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Party</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">" or "</FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Shareholder</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">")&nbsp;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Whereas</FONT></FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0in 0in 12pt 53.25pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(A)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">On December&nbsp;30, 2008, the original shareholders of the Company entered into a shareholders' agreement to agree on principles, procedures and rules to govern their relationship as shareholders of the Company ("</FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Original Shareholders' Agreement</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">", as amended, the "</FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Shareholders&#8217; Agreement</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">");&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0in 0in 12pt 53.25pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(B)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Due to the delay on the implementation of the Company&#8217;s Long-Term Business Plan and the Mid-Term Business Plan (as defined in the Shareholders&#8217; Agreement), the Parties have discussed in good faith certain adjustments to such plans; and</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0in 0in 0in 53.25pt"><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(C)</FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 17pt; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">The Parties have agreed on certain additional amendments to the Shareholders&#8217; Agreement. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">now, therefore,</FONT></FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> the Parties and the Company agree to enter into this "Second Amendment and Restatement of the Shareholders' Agreement of Nacional Min&#233;rios S.A." ("</FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Second Amendment</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">"), as follows:</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Article 1</FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"><BR>Amendments to the Shareholders' Agreement</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">1.1</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">The Parties hereby, (i)&nbsp;pursuant to the shareholders meeting held on the date hereof approving the amendment to the Long-Term Business Plan and to the Mid-Term Business Plan, have decided to amend </FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit 1.1</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> (Long-Term Business Plan) and </FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit 11.1</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> (Mid-Term Business Plan) of the Shareholders Agreement which shall be replaced by </FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit 1.1</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> and </FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit 11.1</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> of this Second Amendment, and (ii)&nbsp;have also decided to include two new Exhibits to the Shareholders Agreement to (a)&nbsp;provide further details on the necessary steps for the achievement of the Long-Term Business Plan, in the form of </FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit&nbsp;1.1(a)</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">; and (b)&nbsp;provide guidelines to the Company and to the Shareholders with respect to funding plans of the Company for completion of its projects, in the form of </FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit&nbsp;1.1(b)</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">.&nbsp; As a result of such, Sections 1.1 and 1.2 of the Shareholders&#8217; Agreement are hereby amended and shall be read as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 12pt 0.5in"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">"1.1&nbsp;&nbsp;&nbsp;&nbsp; The Parties shall exercise their voting rights and controlling power so as to ensure that the activities of the Company comply with the following basic principles and premises:</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 12pt 0.5in"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(i)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I><FONT dir=ltr>&nbsp;</FONT><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">the management of the businesses of the Company shall be exercised by capable and experienced professionals, who must be duly qualified to hold their positions; </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 12pt 0.5in"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(ii)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I><FONT dir=ltr>&nbsp;</FONT><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">the strategic decisions of the Company shall procure the growth of its business, the development of new projects, and the maximization of the return of the investment made by its shareholders in compliance with prudent management practices; </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 12pt 0.5in"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(iii)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I><FONT dir=ltr>&nbsp;</FONT><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">the management (</FONT></I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">administra&#231;&#227;o</FONT><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">) of the Company shall always seek high levels of profitability, efficiency and competitiveness pursuant to applicable law; and</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 12pt 0.5in"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(iv)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I><FONT dir=ltr>&nbsp;</FONT><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">the basic guiding principles and premises set forth in </FONT></I><I><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit&nbsp;1.1</FONT></U></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, </FONT></I><I><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit&nbsp;1.1(a)&nbsp;</FONT></U></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> and </FONT></I><I><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit 1.1(b)</FONT></U></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> attached hereto.</FONT></I></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 12pt 0.5in"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Parties agree and acknowledge that </FONT></I><I><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit&nbsp;1.1</FONT></U></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> attached hereto constitutes the Long-Term Business Plan (as defined below) of the Company approved by the Parties.&nbsp; Subject to events not under reasonable control of the Parties, the Parties agree to cause the Company to construct the production facilities listed on such </FONT></I><I><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit&nbsp;1.1</FONT></U></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, including the beneficiation plant and the pellet plants substantially in accordance with those descriptions.&nbsp; In order to achieve the Long-Term Business Plan, the Parties shall endeavor their best efforts to cause the Company to comply with the guidelines and provisions set forth on </FONT></I><I><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit&nbsp;1.1(a)&nbsp;</FONT></U></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> and </FONT></I><I><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit 1.1(b)</FONT></U></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, as they may be updated from time to time by the management of the Company, provided that such updates shall be in line in all aspects with the Long-Term Business Plan and the Mid-Term Business Plan."</FONT></I></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">1.2</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">The Parties hereby decide to amend Section 2.5 of the Shareholders&#8217; Agreement, which shall become effective as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 35.4pt"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">&#8220;2.5&nbsp;&nbsp;&nbsp; The Parties agree that any and all Direct Transfers of Shares are hereby prohibited, except for: </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.55pt; MARGIN: 0in 0in 12pt 106.2pt"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; direct purchases and sales of the Shares in accordance with Section III (Right of First Refusal); </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.55pt; MARGIN: 0in 0in 12pt 106.2pt"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct Transfer of all or part of the Shares held by Posco to any third party, provided, however, that (1) Japanese SPC, one or more shareholders of the Japanese SPC (on the date hereof) and/or Posco shall hold, directly or indirectly, </FONT></I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]<SUP>
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<A href="#_ftn1" name=_ftnref1><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><U><FONT style="FONT-SIZE: 13pt" lang=PT-BR color=#060200 face="Times New Roman">[1]&nbsp;</FONT></U></FONT></FONT></A><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">% </FONT></I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;] </FONT><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">of all Shares held by the New Investor on the date hereof, (2) such acquiring person adheres to this Shareholders' Agreement, and (3) be considered jointly with the Japanese SPC and/or Posco, if applicable, as one single Party for any and all purposes hereunder; </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.55pt; MARGIN: 0in 0in 12pt 106.2pt"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp; Direct Transfer of Shares by and between Japanese SPC and Posco; </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.55pt; MARGIN: 0in 0in 12pt 106.2pt"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct Transfer of Shares between a Party and any entity directly or indirectly Controlled by such Party, provided that,&nbsp; (i)&nbsp;the transferring Party is, during all times, the direct and/or indirect owner of at least </FONT></I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">% </FONT></I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> of voting and total capital stock of the acquirer, which shall remain during all times as the direct holder of all acquired Shares, and (ii) the acquirer </FONT></I>


<I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">adheres in writing to this Shareholders' Agreement, becoming a Party hereto and undertakes to comply with all obligations set forth herein; provided, however, that the transferring Party shall remain jointly and severally liable with respect to the obligations (including transfer restrictions) provided in this Shareholders' Agreement;</FONT></I></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0in 0in 12pt 106.35pt"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">; and&nbsp;&nbsp; </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.55pt; MARGIN: 0in 0in 12pt 106.2pt"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as expressly provided for in Sections IV (Tag Along Rights), X (Put and Call &#8211; Disagreement) and XV (Put and Call &#8211; Default under the Shareholders&#8217; Agreement and the Operational Agreements) (each such permitted Direct Transfer a "</FONT></I><I><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Permitted Transfer</FONT></U></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">"). &nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0in 0in 12pt 70.65pt"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">2.5.1&nbsp;&nbsp; For the purposes of this Shareholders' Agreement, "</FONT></I><I><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Direct Transfer</FONT></U></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">" shall mean any direct sale, transfer, assignment, exchange, donation, increase of the capital stock of a company with, disposal of, cancellation or replacement of the Shares, with or without consideration therefor, foreclosure on a pledge (excuss&#227;o de penhor ou cau&#231;&#227;o), placement in trust (fideicomisso), or any other transaction (including, without limitation, any corporate restructuring event, such as spin-off, merger, amalgamation or drop down of assets) which results in the direct transfer of ownership of, and/or rights inherent to, the Shares.</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0in 0in 12pt 70.65pt"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">2.5.2&nbsp;&nbsp; Permitted Transfers may not be used to circumvent any of the provisions of this Shareholders' Agreement, including, but not limited to, the right of first refusal set forth in Section III and the tag along rights set forth in Section IV</FONT></I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0in 0in 0pt 70.65pt"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">2.5.3</FONT></I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">1.3</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">The Parties hereby decide to amend Section 2.9 of the Shareholders&#8217; Agreement, which shall read as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">"2.9&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary set forth in this Shareholders' Agreement, (a)&nbsp;CSN acknowledges and agrees that except for any Permitted Transfer under Section 2.5(iv) or Section 2.5(v) above, it shall not make any Direct Transfer and/or Indirect Transfer of all or part of its Shares until the earlier of (i)&nbsp;December 31<SUP>st</SUP>, 2017; or (ii)&nbsp;the completion of the construction of the second Pellet Plant by the Company (as contemplated in </FONT></I><I><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit&nbsp;1.1</FONT></U></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">) without the prior written consent of the New Investor (the &#8220;</FONT></I><I><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Lockup Period</FONT></U></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">&#8221;); and (b)&nbsp;while CSN, directly or indirectly, is a shareholder of the Company, the New Investor agrees that it shall not make any Direct Transfer and/or Indirect Transfer of all or part of its Shares to Companhia Vale do Rio Doce (or any of its direct or indirect Controlled companies) or Banco Bradesco S.A. (or any of its direct or indirect Controlled or Controlling companies) at any time during the term of this Shareholders' Agreement without prior written consent of CSN."</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">1.4</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">The Parties hereby decide to amend Section 9.1(iii) of the Shareholders&#8217; Agreement, which shall read as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 35.45pt"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">&#8220;9.1 (&#8230;)</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36.55pt; MARGIN: 0in 0in 12pt 1in"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp; approval of</FONT></I><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> any amendment or change in any condition of the operational agreements of the Company and/or its Controlled subsidiaries (including the following agreements as defined in the SPA, as amended from time to time:</FONT></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> </FONT></I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]&nbsp;</FONT><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> (being (i) to (viii) collectively the "</FONT></I><I><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Operational Agreements</FONT></U></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">")&nbsp;</FONT></I><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> </FONT></I><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">and (ix) </FONT></I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=#060200 face="Times New Roman">[&#9679;]</FONT><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, provided that the Directors appointed by CSN shall not have the right to vote in any such resolution if CSN has breached such operational agreements and has not cured such breach within the applicable grace period, in which case the Major Decision shall be taken by Company with the affirmative vote of all the remaining Directors;&#8221;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">1.5</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">The Parties hereby decide to amend Section 9.2(vi) of the Shareholders&#8217; Agreement, which shall read as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 67.5pt"><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">(vi)</FONT></I><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">entry into, modification, renewal or termination of any transaction (including, without limitation, guarantee, security and/or indemnification) or agreement with or involving any Controlled subsidiary or Affiliate of the Company or any Shareholder (a &#8220;</FONT></I><I><U><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Related &nbsp;</FONT></U></I>


<I><U><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Party Agreement</FONT></U></I><I><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">&#8221;) or the granting of any waiver, consent or forbearance under any Related Party Agreement, provided&nbsp; that approval of such events shall not be unreasonably withheld, and provided further that the Directors appointed by the relevant related party shall not have the right to vote in any such resolution if such related party breached such Related Party Agreement and has not cured such breach within the applicable grace period;</FONT></I></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">1.6</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Considering that the Parties agree that the Annual Operating Budget should at all times reflect, be aligned with and allow the achievement by the Company of the Mid-Term Business Plan and the Long-Term Business Plan, the Parties hereby decide to include a new Section 11.1.3, which shall read as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">"11.1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to Section 9.2(i), in case the Shareholders decide to (i) approve or amend the Annual Operating Budget; and/or (ii) approve or amend the Mid-Term Business Plan, the Shareholders shall, prior to such approval or amendment, discuss in good faith, based on the potential impacts to the Mid-Term Business Plan or Long-Term Business Plan expressly identified and presented by the management of the Company and/or by any Shareholder, if any amendment to the Mid-Term Business Plan or Long-Term Business Plan (as applicable) is necessary or not.&nbsp; If the Shareholders conclude in good faith that it is necessary to amend the Mid-Term Business Plan or Long-Term Business Plan (as applicable) accordingly, the Shareholders shall, on the same date of the approval of the Annual Operating Budget or Mid-Term Business Plan or any amendment thereto (as applicable), also approve (pursuant to Section 9.2(i)) such amendment to the Mid-Term Business Plan and/or the Long Term Business Plan (as applicable) accordingly."</FONT></I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"> &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">1.7</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">The Parties hereby decide to include a new Section 12.1.3, which shall become effective as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">"12.1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is hereby agreed that the Minimum Dividend may be reduced in a given fiscal year (exerc&#237;cio social) in the case the Board of Directors recommends, based on a major decision quorum as set forth in Section 9.1 above, that the Company will need additional funding to implement its projects or to carry on its businesses as described in the Mid-Term Business Plan and/or the Long-Term Business Plan.&nbsp; In such case, the Shareholders shall discuss and determine, in good faith and upon mutual consent, whether or not to change the amount of the Minimum Dividend for that specific period."</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">1.8</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">The Parties hereby decide to include a new Section 13.8, which shall become effective as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 35.45pt"><I><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">&#8220;13.8&nbsp; The Company shall deliver to each Shareholder a monthly report providing information in accordance with the template contained in Exhibit 13.8 in connection with the status of the implementation of the Long-Term Business Plan, as provided in Exhibit 1.1.&#8221;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">1.9</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">As a result of the amendments approved under this Second Amendment, and other amendments resulted from the First Amendment, the Parties hereby have decided to restate the Shareholders&#8217; Agreement, which shall become effective in accordance with the restated shareholders agreement attached hereto as </FONT><U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Exhibit 1.9</FONT></U><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">.&nbsp;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">Article</FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman"> 2</FONT></FONT><U><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman"><BR></FONT></U><FONT style="FONT-VARIANT: small-caps"><U><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Miscellaneous</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt; FONT-WEIGHT: normal" lang=EN-US color=windowtext face="Times New Roman">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The articles and sections of the Shareholders&#8217; Agreement which have not been amended by this Second Amendment shall remain in full force and effect, and the Shareholders&#8217; Agreement, as amended by this Second Amendment, shall be binding upon the Parties and their successors.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt; FONT-WEIGHT: normal" lang=EN-US color=windowtext face="Times New Roman">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The invalidity or nullity, in whole or in part, of any Section of this Second Amendment shall not affect other Sections, which shall continue to be valid and in effect.&nbsp; In the event of any such invalidity or nullity, the Parties hereby undertake to negotiate, in the shortest period of time possible, as replacement for the invalid or null Section, the inclusion in this Second Amendment of valid terms and conditions that reflect the terms and conditions of the invalid or null Section, taking into consideration the intention and the purpose of the parties at the time of the negotiation of the invalid or null Section and the context in which it appears.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt; FONT-WEIGHT: normal" lang=EN-US color=windowtext face="Times New Roman">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Second Amendment shall be governed by, enforced and interpreted in accordance with the laws of Brazil.&nbsp; For the purposes of article 118 of Law N.&nbsp;6,404, of December 15, 1976, as amended, this Second Amendment shall be filed at the Company's head office.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 13pt; FONT-WEIGHT: normal" lang=EN-US color=windowtext face="Times New Roman">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any dispute, controversy or claim arising out of or relating to this Amendment will be solved by arbitration, in accordance with the provisions set forth in Section 19.11 of the Shareholders&#8217; Agreement.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</FONT></B></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">In Witness Whereof</FONT></FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">, the Parties hereto, together with the intervening party, have caused this Second Amendment to be duly signed in 4 (four) counterparts, each of which shall be deemed to be an original, but all of which together shall constitute the same agreement, binding upon the Parties and the intervening party and their respective heirs and successors in the presence of the 2 (two) witnesses below.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">S&#227;o Paulo, June 30<SUP>th</SUP>, 2011</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">[</FONT><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">Signatures on the next pages</FONT></FONT><FONT style="FONT-SIZE: 13pt" lang=EN-US color=windowtext face="Times New Roman">]</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="Times New Roman">CONFIDENTIAL TREATMENT REQUESTED BY COMPANHIA SIDERURGICA NACIONAL</FONT></B></P>

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<FILENAME>exhibit121.htm
<DESCRIPTION>EXHIBIT 12.1
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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">EXHIBIT 12.1</FONT></B></P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 </FONT></B></P>

<P style="MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">I, Benjamin Steinbruch, certify that:</FONT></P>

<P style="MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Companhia Sider&#250;rgica Nacional;</FONT></P>

<P style="MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4.&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(a)&nbsp;&nbsp; designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp; designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(c)&nbsp;&nbsp; evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(d)&nbsp;&nbsp; disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5.&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent function):</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(a)&nbsp;&nbsp; all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp; any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Dated: April 27, 2012</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Companhia Sider&#250;rgica Nacional </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/</FONT></P></TD>

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   <P></P>

   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Benjamin Steinbruch</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 287pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Name:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Benjamin Steinbruch</FONT></P></TD></TR>

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   <P></P>

   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Executive Officer</FONT></P></TD></TR></TABLE>

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<TYPE>EX-12.2
<SEQUENCE>7
<FILENAME>exhibit122.htm
<DESCRIPTION>EXHIBIT 12.2
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">EXHIBIT 12.2</FONT></B></P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 5pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 </FONT></B></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">I, Rog&#233;rio Leme Borges dos Santos, certify that:</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">1. I have reviewed this annual report on Form 20-F of Companhia Sider&#250;rgica Nacional;</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">3. Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">c) evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">d) disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and to the audit committee of the company's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">b) any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Dated: April 27, 2012</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Rog&#233;rio Leme Borges dos Santos</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Name: </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Rog&#233;rio Leme Borges dos Santos</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Controller / Principal Financial Officer</FONT></P></TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>8
<FILENAME>exhibit131.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">EXHIBIT 13.1</FONT></B></P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 5pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), does hereby certify, to such officer&#8217;s knowledge, that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Annual Report on Form 20-F for the fiscal year ended December 31, 2011 of the Company, as filed with the Securities and Exchange Commission (the &#8220;Report&#8221;), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Dated: April 27, 2012</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman">Companhia Sider&#250;rgica Nacional </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/</FONT></P></TD>

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   <P></P>

   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Benjamin Steinbruch</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Name:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Benjamin Steinbruch</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chief Executive Officer</FONT></P></TD></TR></TABLE></DIV>

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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>9
<FILENAME>exhibit132.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">EXHIBIT 13.2</FONT></B></P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 5pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), does hereby certify, to such officer&#8217;s knowledge, that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Annual Report on Form 20-F for the fiscal year ended December 31, 2011 of the Company, as filed with the Securities and Exchange Commission (the &#8220;Report&#8221;), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Dated: April 27, 2012</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">/s/</FONT></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Rog&#233;rio Leme Borges dos Santos</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Rog&#233;rio Leme Borges dos Santos</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Controller / Principal Financial Officer</FONT></P></TD></TR></TABLE></DIV>

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<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>10
<FILENAME>exhibit151.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>

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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: right; MARGIN: 5pt 0cm" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="times new roman">EXHIBIT 15.1</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="times new roman"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 5pt 0cm" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="times new roman">MANAGEMENT&#8217;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The management of Companhia Sider&#250;rgica Nacional and subsidiaries (&#8216;the Company&#8221;) is responsible for establishing and maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s internal control over financial reporting is a process designed by, or under the supervision of, the Company&#8217;s Audit Committee, principal executive and principal financial officers, and effected by the Company&#8217;s board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company&#8217;s assets that could have a material effect on the consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of its inherent limitations, internal control over financial reporting may not prevent or detect material misstatements on a timely basis. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management assessed the effectiveness of the Company&#8217;s internal control over financial reporting as of December 31, 2011 based on the criteria established in &#8220;Internal Control &#8211; Integrated Framework&#8221; issued by the Committee of Sponsoring Organizations &#8211; COSO &#8211; of the Treadway Commission. Based on the assessment, management has concluded that, as of December 31, 2011, the Company&#8217;s internal control over financial reporting is effective.&nbsp;&nbsp;</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face="times new roman">April 27, 2012</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman">&nbsp;COMPANHIA SIDER&#218;RGICA NACIONAL&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benjamin Steinbruch&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rog&#233;rio Leme Borges dos Santos&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">Name:&nbsp;</FONT>&nbsp;Benjamin Steinbruch&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"><FONT style="FONT-SIZE: 8pt" face="Times New Roman">Name:&nbsp;</FONT>&nbsp;Rog&#233;rio Leme Borges dos Santos&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman">Title:&nbsp;&nbsp; Chief Executive Officer&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="times new roman">Title:&nbsp;&nbsp; Controller / Principal Financial Officer&nbsp;</FONT></P></TD>

   <TD vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="times new roman"></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

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<DOCUMENT>
<TYPE>EX-16.1
<SEQUENCE>11
<FILENAME>exhibit161.htm
<DESCRIPTION>EXHIBIT 16.1
<TEXT>

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   <TITLE>exhibit161.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<P style="TEXT-ALIGN: right; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 12pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">EXHIBIT 16.1</FONT></B></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">April 27, 2012</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Securities and Exchange Commission <BR>100 F Street, N.E. <BR>Washington, DC 20549 </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Ladies and Gentlemen: </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have read Item 16F (&#8220;Change in Registrants Certifying Accountants&#8221;) of the 2011 Form 20-F of Companhia Sider&#250;rgica Nacional and are in agreement with the statements contained in the first, second, third, fourth, and fifth&nbsp; paragraphs therein. We have no basis to agree or disagree with the statements of the registrant contained in the sixth paragraph therein. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt" align=left><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">/s/ KPMG Auditores Independentes<BR><BR></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">KPMG Auditores Independentes</FONT></P></DIV>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
