<SEC-DOCUMENT>0001292814-12-001340.txt : 20120511
<SEC-HEADER>0001292814-12-001340.hdr.sgml : 20120511
<ACCEPTANCE-DATETIME>20120511082357
ACCESSION NUMBER:		0001292814-12-001340
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20120331
FILED AS OF DATE:		20120511
DATE AS OF CHANGE:		20120511

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		12832213

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sidpr1q12_6k.htm
<DESCRIPTION>EARNINGS RELEASE 1Q12
<TEXT>

<HTML>
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   <TITLE>sidpr1q12_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

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

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

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

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

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

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

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

<DIV align=center>

<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of May, 2012</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

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

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

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

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

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

<DIV align=center></DIV>

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

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

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

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

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

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

<P></P>

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

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

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name="page_1"></A>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><I><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">
<IMG border=0 src="logo.gif"></FONT></I></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center>
<IMG border=0 src="fp01a.gif"></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><I><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">CSN POSTS NET REVENUE HIGHER THAN R$3.8 BILLION IN 1Q12.</FONT></I></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">S&#227;o Paulo, May 10, 2012</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Companhia Sider&#250;rgica Nacional (CSN) (BM&amp;FBOVESPA: CSNA3) (NYSE: SID) announces today its consolidated results for the first quarter of 2012 (1Q12), which are denominated in Brazilian Reais and in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and with Brazilian accounting practices, which are fully convergent with international accounting norms, issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), pursuant to CVM Instruction 485 of September 1, 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The comments herein refer to the Company&#8217;s consolidated results and comparisons refer to the fourth quarter and first quarter of 2011 (4Q11 and 1Q11, respectively), unless otherwise stated. The Real/U.S. Dollar exchange rate on March 30, 2012 was R$1.822.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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

<H3 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: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif"><FONT style="COLOR: #ffffff">Executive Summary</FONT> </FONT></B></H3><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></DIV>

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

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<TR>

   <TD width="30%"></TD>

   <TD width="14%"></TD>

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

   <TD width="12%"></TD>

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

   <TD width="12%"></TD></TR>

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   <TD style="TEXT-INDENT: 6px" bgColor=#000080 vAlign=middle rowSpan=2 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>Consolidated Highlights</FONT></B></TD>

   <TD bgColor=#000080 vAlign=middle rowSpan=2 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>1Q12</FONT></B></TD>

   <TD bgColor=#000080 vAlign=middle rowSpan=2 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>4Q11</FONT></B></TD>

   <TD bgColor=#000080 vAlign=middle rowSpan=2 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>1Q11</FONT></B></TD>

   <TD bgColor=#000080 vAlign=middle align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>1Q12 x 4Q11</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 vAlign=middle align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>1Q12 x 1Q11</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 vAlign=middle align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>(Change)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 vAlign=middle align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>(Change)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Net Revenue (R$ MM)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">3,896</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">4,167</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">3,789</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-7%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">3%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Gross Profit (R$ MM)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">1,143</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">1,608</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">1,556</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-29%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-27%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Adjusted EBITDA (R$ MM)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">1,113</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">1,463</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">1,529</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-24%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-27%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Adjusted EBITDA Margin (%)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">29%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">35%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">40%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">- 6 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">- 11 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Total Sales (thousand t)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">- Steel</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">1,304</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">1,196</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">1,220</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">9%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">7%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

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

   <P style="MARGIN-LEFT: 10pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">- Domestic Market</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">79%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">88%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">85%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">- 9 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">- 6 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

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

   <P style="MARGIN-LEFT: 10pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">- Overseas Subsidiaries</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">19%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">9%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">12%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">10 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">7 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

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

   <P style="MARGIN-LEFT: 10pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">- Export</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">2%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">3%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">3%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-1 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-1 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">- Iron Ore</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt"><B><SUP>1</SUP></B>&nbsp;</FONT></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">6,691</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">8,016</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">6,601</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-17%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">1%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

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

   <P style="MARGIN-LEFT: 10pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">- Domestic Market</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">3%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">3%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">6%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">- 3 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

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

   <P style="MARGIN-LEFT: 10pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">- Export</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></P></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">97%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">97%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">94%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">3 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Net Debt (R$ MM)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">14,266</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">12,471</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">10,665</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">14%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">34%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Net Debt/Adjusted EBITDA</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt"><SUP>2</SUP>&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">2,36x</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">1,93x</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">1,62x</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">0,43x</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">0,74x</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Cash Position</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">14,144</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">15,417</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">11,115</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-8%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">27%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-TOP: #000000 2px solid" colSpan=6 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">(1) Sales volumes include 100% of NAMISA sales</FONT></TD></TR>

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   <TD colSpan=6 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">(2) Adjusted EBITDA for the last 12 months</FONT></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">At the close of 1Q12</FONT></U></B></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -9.8pt; MARGIN: 0cm 0cm 0pt 9.8pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">BM&amp;FBovespa: CSNA3 R$17.22/share</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -9.8pt; MARGIN: 0cm 0cm 0pt 9.8pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">NYSE: SID US$9.46/ADR (1 ADR = 1 share)</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -9.8pt; MARGIN: 0cm 0cm 0pt 9.8pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Total no. of shares = 1,457,970,108</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -9.8pt; MARGIN: 0cm 0cm 0pt 9.8pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Appreciation of share (CSNA3): 15%</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -9.8pt; MARGIN: 0cm 0cm 0pt 9.8pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Appreciation of ADR (SID): 16%</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -9.8pt; MARGIN: 0cm 0cm 0pt 9.8pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Market Cap: R$25.1 billion/US$ 13.8 billion</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">invrel@csn.com.br</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 1pt 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

   <P style="MARGIN: 1pt 0cm 0pt"><B><U><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">Investor Relations Team</FONT></U></B></P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">- IR Executive Officer: </FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">David Salama - (+55 11) 3049-7588</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt"><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">- IR Manager: </FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">Claudio Pontes - (+55 11) 3049-7592</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt"><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">- </FONT><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">Specialist:&nbsp;</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif"> Fernando Campos &#8211; (+55 11) 3049-7591</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">- </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Specialist:&nbsp;</FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"> Kate Murano - (+55 11) 3049-7585</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">- </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Analyst: </FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Stephan Szolimowski &#8211; (+55 11) 3049-7593</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 3.6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">- </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Trainee:&nbsp;</FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"> Ana Troster - (+55 11) 3049-7526</FONT></P>

   <P style="MARGIN: 1pt 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

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<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 12pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif"><FONT style="COLOR: #ffffff">Economic Overview</FONT> </FONT></B></H3></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The global economic outlook has improved progressively following the set-back of 2011 and the risk of a sharp downturn is receding, thanks to the gradual increase in economic activity in the United States, the stabilization of the Chinese economy, which has been recording important growth, and progresses in the structural reforms in the Eurozone. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">However, the global recovery will remain slow, especially in developed economies, with most of the upward contribution to boost the global economy coming from the emerging countries. The IMF&#8217;s April 2012 report projects average growth rates of 1.5% and 5.75% for the advanced and emerging economies, respectively, in 2012, an improvement over the institution&#8217;s projections of 1.2% and 5.4%, respectively, in January 2012.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="trebuchet ms,sans-serif">USA</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The U.S. economy continues to recover, recording GDP growth of 2.2% in 1Q12. In the same period, personal consumption increased by 2.9%, while exports moved up by 5.4%. The GDP upturn also helped to reduce unemployment, which fell from 8.5% at the end of 2011 to 8.2% at the close of March. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the FED, industrial production climbed by 5.4% in the first quarter of 2012, while manufacturing output increased by 10.4%, including an increase of almost 40% in vehicle and auto parts production. Manufacturing Purchasing Managers Index (PMI) reached 53.4 points in March, slightly higher than the 52.4 points recorded in February. The FED&#8217;s Beige Book reported level of activity between modest and moderate in all the 12 districts at the beginning of the year. In terms of foreign trade, the country posted a deficit of US$46.0 billion in February, less than the US$52.5 billion registered in January. For 2012, the IMF projects annual GDP growth of 2.1% in the USA.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="trebuchet ms,sans-serif">Europe</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Despite the adoption of important measures by some Eurozone countries in the pursuit of fiscal austerity, the retraction is likely to remain for some time in certain nations. In January, a new agreement was defined, establishing that the fiscal deficit of the Eurozone country members must not exceed 0.5% of nominal GDP. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The injection of liquidity by the European Central Bank totaling around &#8364;1 trillion in the form of long-term refinancing operations is playing a crucial role in containing the crisis in the continent, increasing the availability of credit and extending debt payment terms.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The OECD projects an average GDP retraction of 0.4% in 1Q12 in the three biggest Eurozone economies, Germany, France and Italy, followed by a reversal in the second quarter, with growth of 0.9%, led by Germany with a 1.5% expected upturn. Spain, on the other hand, reported a decline of 0.3% in 1Q12 and 4Q11, similar to the UK, which recorded GDP reduction of 0.2% and 0.3%, respectively, in the same periods.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Eurozone manufacturing PMI reached 47.7 points in March, lower than the 49.0 points posted in February.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Inflation in the Eurozone recorded an annualized rate of 2.7% in March, according to Eurostat, above the 2% target. For 2012, the European Commission expects a rate of 2.1%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Unemployment reached a new high in March, averaging 10.9%, affecting 17.4 million people. In the same month, Spain recorded unemployment of 24.4%, its highest figure since the beginning of the statistical series in 1996. The country is followed by Greece and Portugal, with unemployment rates of 21.7% and 15.3%, respectively. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="trebuchet ms,sans-serif">Asia</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Chinese economic activity continues to expand despite the reduction in exports and the risks associated with the real estate market. GDP increased by 8.1% in the first quarter, versus an increase of 8.9% in 4Q11, both compared with the same period in the previous years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Official manufacturing PMI reached 53.1 points in March, versus 51.0 in February, pointing to an upturn in activity. Industrial output climbed by 11.6% in 1Q12, while retail sales moved up by 14.8%, both over 1Q11. After peaking at 6.5% in July 2011, annualized inflation fell to 3.6% in March 2012, closing the quarter at 3.8%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the Japanese Central Bank, Japan&#8217;s economic recovery will be moderate and based on post-earthquake reconstruction, and the IMF expects GDP growth of 2% in 2012.&nbsp; The Japanese consumer confidence index reached 40.3 points in March from 39.9 points in February, the highest figure for a year. Manufacturing PMI reached 51.5 points in March, an improvement over February&#8217;s 50.5 points.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="trebuchet ms,sans-serif">Brazil</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Brazil became the sixth biggest economy in the world in 2011 and the Central Bank&#8217;s FOCUS report expects GDP growth of 3.2% in 2012. In its report, &#8220;The Brazilian Economy in Perspective&#8221;, the Ministry of Finance declared that more important than the expansion of GDP in 2011 was its quality, highlighting the fact that investments outpaced household and government consumption, with a positive impact on the growth of production capacity. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the Ministry of Trade, Industry and Development (MDIC), the trade surplus totaled US$2.0 billion in March, the highest figure since March 2007 and 29.9% up on March 2011. Exports amounted to US$20.9 billion, a record for March, with China and the USA as the main destinations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The job market also remained solid at the beginning of 2012, with unemployment falling from 6.4% in February 2011 to 5.7% in February 2012. According to the Employment and Unemployment Registry (CAGED), around 112,000 official jobs were created in March. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The inflation rate, measured by the IPCA consumer price index, stood at 1.22% in the first quarter, half the 2.44% recorded in the same period last year. According to the FOCUS report, the IPCA should fall to 5.12% in 2012. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Consumer Confidence Index (ICC), measured by the Get&#250;lio Vargas Foundation (FGV), moved up by 2.8% in March over February, reaching 122.7 points, the highest level since July 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Selic base rate, defined by the Monetary Policy Committee (COPOM), began 2012 at 11.00%, before falling to 9.00% in April, the lowest figure for two years. The Central Bank FOCUS report expects the Selic base rate to reach 8.50% by the end of 2012. The banking system&#8217;s stock of credit totaled R$2.03 trillion in February, equivalent to 48.8% of GDP, 0.2% up in the year. Overall default rate (individual and corporate) came to 5.8% in March, above the 5.5% recorded in December 2011. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Foreign reserves totaled US$365 billion in March, US$13 billion more than at the end of last year. According to the FOCUS report, the U.S. dollar is forecasted to close 2012 at </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">R$1.81.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Macroeconomic Projections</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<DIV align=center>

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<TR style="HEIGHT: 10.75pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">2012</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">2013</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="51%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">5.12</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">5.56</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Commercial dollar (final) &#8211; R$ </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">1.81</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">1.81</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">SELIC (final - %)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">8.50</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">10.00</FONT></P></TD></TR>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">3.23</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">4.30</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="51%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">1.92</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">3.95</FONT></P></TD></TR>

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   <TD vAlign=top width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Source: FOCUS BACEN</FONT></P></TD>

   <TD vAlign=top width="25%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Base: May 4, 2012</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;</FONT></P>

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   <TD width="5%" align=center>3</TD></TR></TABLE>

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

<DIV></DIV>

&nbsp; <A name="page_4"></A>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><I><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">
<IMG border=0 src="logo.gif"></FONT></I></B></P>

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 14pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Net Revenue</FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif"> &nbsp;</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN recorded consolidated net revenue of R$3,896 million in 1Q12, 7% down on 4Q11, chiefly due to reduced iron ore sales volume and to lower prices. The lower iron ore sales reflected seasonality and the heavy rainfall in the Southeast of Brazil in 1Q12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">It is worth noting that, due to the acquisition of Stahlwerk Th&#252;ringen GmbH (SWT) on January 31, 2012, its operations were booked in CSN's consolidated results as of February. </FONT></P>

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 14pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Cost of Goods Sold (COGS)</FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif"> &nbsp;</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 1Q12, consolidated COGS reached R$2,753 million, 8% up on 4Q11, chiefly due to higher steel and mining COGS. </FONT></P>

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 14.4pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Selling, General, Administrative and Other Operating Expenses</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">SG&amp;A expenses totaled R$315 million in the first quarter, 21% down on 4Q11, mainly due to lower iron ore freight costs and administrative provisions. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN recorded an expense of R$112 million in the &#8220;Other Revenue and Expenses&#8221; line in 1Q12, practically stable as compared to the R$116 million expense reported in 4Q11.</FONT></P>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; MARGIN-LEFT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 2.85pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 12pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">EBITDA</FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif"> &nbsp;</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 219.65pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 1Q12, adjusted EBITDA came to R$1,113 million, 24% lower than in 4Q11, chiefly due to reductions in the mining and steel segments. The adjusted EBITDA margin stood at 29% in 1Q12. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">
<IMG border=0 src="fp04a.gif"></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif"><FONT style="COLOR: #ffffff">Financial Result and Net Debt</FONT> </FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The 1Q12 net financial result was negative by R$628 million, chiefly due to the following factors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Interest on loans and financing totaling R$595 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Expenses of R$47 million with the monetary restatement of tax payment installments;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Monetary and foreign exchange variations of R$52 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">These negative effects were partially offset by returns on financial investments totaling R$66 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">On March 31, 2012, the consolidated net debt totaled R$14.3 billion, R$1.8 billion higher than the R$12.5 billion recorded on December 31, 2011, essentially due to the following factors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Investments of R$0.9 billion in fixed assets;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Acquisition of SWT in the amount of R$1.1 billion;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">A R$0.7 billion effect from disbursements related to debt charges;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Other impacts that increased net debt by R$0.2 billion.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><I><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">These effects were partially offset by 1Q12 adjusted EBITDA of R$1.1 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The net debt/EBITDA ratio closed the first quarter at 2.36x, based on LTM adjusted EBITDA.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" 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="trebuchet ms,sans-serif">The main funding operations made by the Company in 1Q12 are listed below:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">An R$800 million promissory note issue;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">An additional US$200 million bond issue, through the reopening of bonds totaling US$1 billion issued by CSN Resources, maturing in July 2020;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">A loan of &#8364;120 million, through CSN Steel, for the partial financing of the SWT acquisition.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">On the other hand, also in the first quarter, the Company amortized some debts, the most relevant being the amortization related to its fourth debenture issue, amounting to R$635 million.</FONT></P>

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Consolidated Net Income</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN posted consolidated net income of R$93 million in 1Q12, 89% down on 4Q11, basically due to the reduction in gross profit. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Capex</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN invested R$882 million in 1Q12, R$549 million of which in subsidiaries or joint subsidiaries, mainly in:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Transnordestina Log&#237;stica: R$433 million;</FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">MRS Log&#237;stica: R$70 million;</FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Namisa: R$19 million.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 4pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The remaining R$333 million went to the parent company, mostly in the following projects:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Expansion of the Casa de Pedra mine and Itagua&#237; Port: R$94 million;</FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Long steel: R$93 million;</FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt"><FONT style="DISPLAY: none" face=wingdings><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT></FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Current investments: R$72 million.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><I><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">
<IMG border=0 src="logo.gif"></FONT></I></B></P>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; MARGIN-LEFT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 2.85pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Working Capital</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Working capital closed 1Q12 at R$2,495 million, R$139 million down on the figure of the end of 2011. The average receivables period increased by five days, while the average supplier payment period and the average inventory turnover period narrowed by 2 days and 16 days, respectively, in comparison to 4Q11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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   <TD bgColor=#003366 vAlign=middle width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>WORKING CAPITAL (R$ MM)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 vAlign=middle width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>4Q11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 vAlign=middle width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 vAlign=middle width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>Change</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;<BR><STRONG><FONT color=#ffffff>1Q12 x 4Q11</FONT></STRONG>&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Assets</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">4,418</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">4,424</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">6</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Accounts Receivable</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,559</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,787</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">228</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Inventory </FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt"><B><SUP>(*)</SUP></B>&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,754</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,627</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(127)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Advances to Taxes</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">105</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">10</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(95)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Liabilities</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,784</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,929</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">145</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Suppliers</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,232</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,335</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">103</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Salaries and Social Contribution</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">202</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">202</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">0</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Taxes Payable</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">325</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">357</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">32</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Advances from Clients</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">24</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">34</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">10</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Working Capital</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,634</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,495</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(139)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003366 vAlign=middle width="46%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;<STRONG><FONT color=#ffffff>TURNOVER RATIO</FONT></STRONG>&nbsp;<BR><STRONG><FONT color=#ffffff>Average Periods</FONT></STRONG>&nbsp;</FONT></TD>

   <TD bgColor=#003366 vAlign=middle width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>4Q11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 vAlign=middle width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 vAlign=middle width="18%" align=center><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;<STRONG><FONT color=#ffffff>Change</FONT></STRONG>&nbsp;<BR><STRONG><FONT color=#ffffff>1Q12 x 4Q11</FONT></STRONG>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Receivables</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">29</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">34</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">5</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Supplier Payment</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">46</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">44</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(2)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Inventory Turnover</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">103</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">87</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(16)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="46%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Cash Conversion Cycle</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">86</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">77</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(9)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(*) Inventory - includes "Advances to Suppliers" and does not include "Supplies".</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Results by Segment</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">The Company maintains integrated operations in five business segments: Steel, Mining, Logistics, Cement and Energy.&nbsp; The main assets and/or companies comprising each segment are presented below: </FONT></P>

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

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



<TR>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#000080 width="20%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>Steel</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 9px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#000080 width="20%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>Mining</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 8px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#000080 width="20%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>Logistics</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 8px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#000080 width="20%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>Cement</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 9px" bgColor=#000080 width="20%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>Energy</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=5><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Pres. Vargas Steel Mill</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Casa de Pedra</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Railways:</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Volta Redonda</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">CSN Energia</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Porto Real</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Namisa (60%)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">- MRS</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Arcos</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Itasa</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Paran&#225;</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Tecar</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">- Transnordestina</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">LLC</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">ERSA</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Port:</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Lusosider</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">- Sepetiba Tecon</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Prada (Distribution and</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Packaging)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Metalic</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">SWT</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">The information on CSN&#8217;s five business segments is derived from the accounting data, together with allocations and the apportionment of costs among the segments. CSN&#8217;s Management uses adjusted EBITDA as an indicator to measure </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">the Company&#8217;s capacity to generate recurring operating cash flow.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">The charts below show the various segments&#8217; contribution to CSN&#8217;s overall net revenue and adjusted EBITDA:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt">
<IMG border=0 src="fp06a.gif"></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt">
<IMG border=0 src="fp07a.gif"></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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

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   <TD width="5%" align=center>6</TD></TR></TABLE>

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<IMG border=0 src="logo.gif"></FONT></I></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><STRONG><EM><FONT face="Trebuchet MS"></FONT></EM></STRONG>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Company&#8217;s consolidated results by business segment are presented below: </FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #ffffff 3px solid" width="36%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">R$ million</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;<STRONG><FONT color=#ffffff>Consolidated Results</FONT></STRONG>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;<STRONG><FONT color=#ffffff>Steel</FONT></STRONG>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;<STRONG><FONT color=#ffffff>Mining</FONT></STRONG>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT color=#ffffff><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Logistics</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt"><FONT style="BACKGROUND-COLOR: #808080" color=#000000>&nbsp;<BR></FONT><STRONG>(Port)</STRONG></FONT></FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT color=#ffffff><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Logistics</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt"><FONT style="BACKGROUND-COLOR: #808080" color=#000000>&nbsp;<BR></FONT><STRONG>(Railways)</STRONG></FONT></FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Energy</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Cement</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: trebuchet ms"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Elimin./Corp </FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Consolidated</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Net Revenue</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2,399</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,194</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">33</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">248</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">55</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">87</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(120)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">3,896</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left>

   <P style="MARGIN-LEFT: 10pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Domestic Market</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,935</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">144</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">33</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">248</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">55</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">87</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(120)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2,382</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left>

   <P style="MARGIN-LEFT: 10pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Foreign Market</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">464</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,050</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,514</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Cost of Goods Sold</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(2,006)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(574)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(20)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(175)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(32)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(65)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">120</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(2,753)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Gross Profit</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">393</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">620</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">13</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">73</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">22</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">21</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">0</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,143</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Selling, General and Administrative Expenses</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(116)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(76)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(5)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(22)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(6)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(19)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(72)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(315)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Depreciation</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">188</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">46</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">36</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">4</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">5</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">3</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">285</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Adjusted EBITDA</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">466</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">590</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">9</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">88</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">21</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">8</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(68)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,113</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Adjusted EBITDA Margin</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">19%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">49%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">28%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">35%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">39%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">9%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">29%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

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



<TR>

   <TD width="36%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #ffffff 3px solid" width="36%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">R$ million</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">4</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">Q12</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="36%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;<STRONG><FONT color=#ffffff>Consolidated Results</FONT></STRONG>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;<STRONG><FONT color=#ffffff>Steel</FONT></STRONG>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;<STRONG><FONT color=#ffffff>Mining</FONT></STRONG>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT color=#ffffff><STRONG><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">Logistics</FONT></STRONG><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt"><FONT style="BACKGROUND-COLOR: #808080" color=#000000>&nbsp;<BR></FONT><STRONG>(Port)</STRONG></FONT></FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT color=#ffffff><STRONG><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">Logistics</FONT></STRONG><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt"><FONT style="BACKGROUND-COLOR: #808080" color=#000000>&nbsp;<BR></FONT><STRONG>(Railways)</STRONG></FONT></FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><STRONG><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt" color=#ffffff>Energy</FONT></STRONG><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><STRONG><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt" color=#ffffff>Cement</FONT></STRONG><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Trebuchet MS"><FONT style="FONT-SIZE: 8pt"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt" color=#ffffff>Elimin./Corp </FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><STRONG><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt" color=#ffffff>Consolidated</FONT></STRONG><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">Net Revenue</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">2,361</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">1,628</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">37</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">261</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">58</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">90</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(268)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">4,167</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left>

   <P style="MARGIN-LEFT: 10pt"><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">Domestic Market</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">2,084</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">182</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">37</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">261</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">58</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">90</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(259)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">2,453</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left>

   <P style="MARGIN-LEFT: 10pt"><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">Foreign Market</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">277</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">1,446</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">-</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">-</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">-</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">-</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(9)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">1,714</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">Cost of Goods Sold</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(1,846)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(677)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(24)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(179)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(39)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(79)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">285</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(2,558)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">Gross Profit</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">515</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">950</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">13</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">83</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">20</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">17</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">1,608</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">Selling, General and Administrative Expenses</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(125)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(98)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(6)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(28)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(7)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(19)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(115)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(397)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">Depreciation</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">164</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">44</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">1</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">28</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">6</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">7</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">2</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">251</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">Adjusted EBITDA</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">553</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">896</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">9</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">83</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">19</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">0</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">(97)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">1,463</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">Adjusted EBITDA Margin</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">23%</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">55%</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">23%</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">32%</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">32%</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">0%</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">35%</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Steel</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm"><B><FONT style="FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the World Steel Association (WSA), global crude steel production totaled 377 million tonnes in 1Q12, 5.8% up on 4Q11, 174 million tonnes of which from China. Existing global capacity utilization ratio also increased, moving up from 79.5% in February to 81.1% in March.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The WSA projects apparent steel consumption increase of 3.6% in 2012, to 1.4 billion tonnes. In China alone, it expects growth of 4%, with apparent consumption of 649 million tonnes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the Brazilian Steel Institute (IABr), production in 1Q12 totaled 8.7 million tonnes of crude steel and 6.5 million tonnes of rolled steel, 5% and 10% up on 4Q11, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 4pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><I><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">First-quarter 2012 domestic sales totaled 5.3 million tonnes, while exports amounted to 2.6 million tonnes, both of which 4% higher than the previous quarter.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Brazil&#8217;s apparent consumption of steel products reached 6.4 million tonnes in 1Q12, 7% more than in 4Q11, while imports totaled 996,000 tonnes, up by 6%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Automotive</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to ANFAVEA (the Brazilian Auto Manufacturers&#8217; Association), vehicle production totaled 739,000 units in 1Q12, 8% down on 4Q11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Vehicle sales also recorded a decline in 1Q12 to 819,000 units, 14% less than in 4Q11, while exports fell by 3% in the same period. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Given higher default and credit restrictions, FENABRAVE (the Vehicle Distributors&#8217; Association) revised its auto market estimates downwards, projecting growth of 3.5% in 2012, with auto and light commercial vehicle sales of around 3.5 million units, versus the previous estimate of 4.5%. Considering all automotive segments, the sector is expected to close the year with 5.8 million units sold, 3.4% up on 2011, versus the initial estimate of 5.76%. ANFAVEA, on the other hand, maintained its annual growth estimate at between 4% and 5% for 2012, despite reduced sales in 1Q12.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">A study conducted by KPMG International with auto industry executives showed that Brazil could become the third largest vehicle market in 2016 and that the BRIC countries will account for 40% of global vehicle sales.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Construction</FONT></U></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">ABRAMAT (the Building Material Manufacturers&#8217; Association) classified construction material sales in 1Q12 as &#8220;good&#8221;. Installed capacity use in the building material industry was 82% in March. The association estimates sales growth of 4.5% in 2012, fueled by the works for the World Cup and the Olympic Games.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Sinduscon (the Builders&#8217; Association) estimates growth of 5.2% for the construction sector in 2012, with the continuity of infrastructure works. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Home Appliances</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The federal government has extended the reduction in IPI (federal VAT) on white goods (refrigerators, washing machines and stoves) for another three months, in order to encourage the national industry. The tax break was originally scheduled to end in March. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 4pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 1Q12, white goods sales climbed by close to 20% over the same period last year, according to retail representatives. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 4pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Distribution</FONT></U></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to INDA (the Brazilian Steel Distributors&#8217; Association), domestic flat steel sales by distributors totaled around 1.08 million tonnes in 1Q12, 2% more than in 4Q11, while purchases increased by 8.6% to 1.1 million tonnes, leading to a slight 1.6% upturn in inventories in relation to December 2011, although turnover remained flat at 2.7 months of sales. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">INDA estimates distributors&#8217; sales growth of around 6% in 2012, over the 4.3 million tonnes sold in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Consolidated Sales Volume</FONT></U></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Sales volume in 1Q12 reached 1.3 million tonnes, 9% up on the previous quarter. Of this volume, 79% was sold in the domestic market, 19% through overseas subsidiaries and 2% were exported.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Domestic Sales Volume</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Domestic sales totaled 1.0 million tonnes, in line with 4Q11 figure. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 4pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Foreign Sales Volume</FONT></U></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> &nbsp;</FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 4pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN&#8217;s foreign sales volume totaled 269,000 tonnes of steel products in 1Q12, 84% up on the previous quarter. Of this total, the Company&#8217;s overseas subsidiaries sold 242,000 tonnes, considering that SWT&#8217;s operations were booked in the Company&#8217;s consolidated results as of February, which increased by 117,000 tonnes the volume sold in the quarter. Direct exports reached 27,000 tonnes.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><I><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">
<IMG border=0 src="logo.gif"></FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Prices</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 4pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue per tonne averaged R$1,806 in 1Q12, 4% down on the quarter before, basically due to the sales mix and the higher sales through the overseas subsidiaries. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 4pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Consolidated Net Revenue</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue from steel operations totaled R$2,399 million in 1Q12, 2% up on 4Q11, essentially due to the increase in sales volume. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Consolidated cost of goods sold (COGS)</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">Steel segment COGS totaled R$2,006 million in 1Q12, 9% up on the R$1,846 million recorded in 4Q11, chiefly due to the upturn in sales volume and the higher productive inputs.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Consolidated Adjusted EBITDA</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">Adjusted steel segment EBITDA totaled R$466 million in 1Q12, 16% down on the R$553 million recorded in 4Q11, due to the effects described above, accompanied by an adjusted EBITDA margin of 19%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Production </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Presidente Vargas Steelworks (UPV) produced 1.2 million tonnes of crude steel in 1Q12, 3% less than in 4Q11 but 6% higher when compared to 1Q11 volume.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Rolled flat steel production totaled 1.1 million tonnes, down by 9% on 4Q11 but 8% higher when compared to the same period in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 4pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

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   <TD bgColor=#99ccff vAlign=middle rowSpan=2 width="40%" align=center>&nbsp;<STRONG><FONT size=2 face=Arial>Production (in thousand t)</FONT></STRONG></TD>

   <TD bgColor=#99ccff vAlign=middle rowSpan=2 width="12%" align=center>&nbsp;<STRONG><FONT size=2 face=Arial>1Q11</FONT></STRONG></TD>

   <TD bgColor=#99ccff vAlign=middle rowSpan=2 width="12%" align=center>&nbsp;<STRONG><FONT size=2 face=Arial>4Q11</FONT></STRONG></TD>

   <TD bgColor=#99ccff vAlign=middle rowSpan=2 width="12%" align=center>&nbsp;<STRONG><FONT size=2 face=Arial>1Q12</FONT></STRONG></TD>

   <TD style="TEXT-INDENT: 12px" bgColor=#99ccff vAlign=middle width="24%" colSpan=2 align=center><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Change</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#99ccff vAlign=middle width="12%" align=center>&nbsp;<STRONG><FONT size=2 face=Arial>1Q12 x 1Q11</FONT></STRONG>&nbsp;</TD>

   <TD bgColor=#99ccff vAlign=middle width="12%" align=center>&nbsp;<STRONG><FONT size=2 face=Arial>1Q12 x 4Q11</FONT></STRONG>&nbsp;</TD></TR>

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   <TD width="40%" align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Crude Steel</FONT>&nbsp;</TD>

   <TD width="12%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,132</FONT>&nbsp;</TD>

   <TD width="12%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,241</FONT>&nbsp;</TD>

   <TD width="12%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,200</FONT>&nbsp;</TD>

   <TD width="12%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6%</FONT>&nbsp;</TD>

   <TD width="12%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">-3%</FONT>&nbsp;</TD></TR>

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   <TD width="40%" align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Total Rolled Products</FONT>&nbsp;</TD>

   <TD width="12%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,034</FONT>&nbsp;</TD>

   <TD width="12%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,227</FONT>&nbsp;</TD>

   <TD width="12%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,114</FONT>&nbsp;</TD>

   <TD width="12%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">8%</FONT>&nbsp;</TD>

   <TD width="12%" align=center><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">-9%</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Production Costs (Parent Company)</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 1Q12, the Presidente Vargas Steelworks&#8217; total production costs came to R$1,597 million, 4% less than the R$1,668 million reported in 4Q11. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Raw Materials:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> reduction of R$104 million, due to the decline in production in the period. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 4pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Labor:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> labor costs declined by R$17 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 4pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Other production costs:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">increase of R$40 million due to the lower dilution of fixed costs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 4pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Depreciation:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> increase of R$10 million due to new asset incorporations.</FONT></P>

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 12pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Mining</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="MARGIN: 3pt 0cm 7.2pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 7.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The first quarter is normally marked by heavy rainfall in the southern hemisphere, impacting the performance of the major iron ore producers. In 1Q12, this seasonal effect was intensified in Brazil, where rainfall was heavier than usual, reflected in the 3.5% reduction in the country&#8217;s iron ore exports over 1Q11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 7.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Fueled by strong steel output, iron ore demand in China was high in 1Q12. First-quarter Chinese imports amounted to 187.2 million tonnes, a new record and 5% up on the previous quarter. The price measured by Platts index for 62%-iron ore remained virtually flat, hovering between US$135.00 and US$150.00/dmt CFR China. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 7.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">At the beginning of 2012, freight prices were impacted by reduced demand for ships, due to the rigorous winter and the Chinese New Year celebration. In addition to these recurring events, the increase in new ship supply also contributed to the reduction in freight prices.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 7.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">After reaching an average of US$30/t at the close of December, spot market freight prices for the Tubar&#227;o/Qingdao route dropped to around US$20/t and remained stable in January and February. Despite the small price increase in the first half of March, freight prices closed 1Q12 at less than US$20/t. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Iron Ore Sales</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 1Q12, sales of finished iron ore products totaled 6.7 million tonnes<SUP>1</SUP>, 17% less than in 4Q11, due to seasonality and the heavy rainfall in the Southeast of Brazil, which critically affected iron ore production and outflow.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Of total 1Q12 sales, exports accounted for 6.5 million tonnes with 3.7 million tonnes sold by Namisa. Considering CSN&#8217;s 60% interest in Namisa, sales reached 5.2 million tonnes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Company&#8217;s iron ore own consumption totaled 1.5 million tonnes. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><SUP><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif">1 </FONT></I></SUP><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif">Sales volume includes 100% of the stake in NAMISA.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net Revenue</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue from mining operations totaled R$1,194 million in 1Q12, 27% less than in 4Q11, due to the reduction in sales volume and lower iron ore prices in the quarter. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Cost of goods sold (COGS)</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Mining COGS came to R$574 million in 1Q12, 15% down on 4Q11, chiefly due to the reduction in sales volume. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted EBITDA</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Mining segment adjusted first-quarter EBITDA totaled R$590 million, 34% down on 4Q11 due to the sales mix in the quarter and the effects previously mentioned. Adjusted EBITDA margin was 49%. </FONT></P>

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Logistics</FONT></B><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif"> &nbsp;</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Railway logistics </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the ANTF (National Rail Transport Association), Brazil&#8217;s rail network transported 475 million tonnes in 2011, five million tonnes more than in 2010. The highlight of the year was the 23.7% increase in the number of containers transported to 287,500 TEUs<SUP>1</SUP>, when compared to 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The ANTF estimates that rail cargo transportation will reach 522 million tonnes in 2012, 9.9% up on 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; BACKGROUND: white">&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In terms of containers, the association estimates growth of 7.1%, expecting to reach 308,000 TEUs in 2012. Investments from concessionaires are expected to total R$5.3 billion, 15.2% more than the R$4.6 billion invested in 2011.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><SUP><FONT style="FONT-SIZE: 6pt" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></SUP><FONT style="FONT-SIZE: 6pt" lang=EN-US face="trebuchet ms,sans-serif"> TEU (Twenty&#8208;Foot Equivalent Unit) &#8211; transportation unit equivalent to a standard 20-feet intermodal container </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Port logistics</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to ANTAQ (National Waterway Transport Agency), Brazil&#8217;s port installations (organized ports and private terminals) handled 886 million tonnes of cargo in 2011, 6.2% up on 2010, with the organized ports accounting for 35% of the total. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The handling of bulk solids totaled 543 million tonnes in 2011, 7.6% more than in 2010, while bulk liquids reached 212 million tonnes, up by 0.9%. The highlight of the segment was container handling, which totaled 7.9 million TEUs, 15.7% more than in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Handled volume in Brazil&#8217;s ports is expected to reach 1.0 billion tonnes in 2012, 12% more than in 2011, also according to ANTAQ.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Railway logistics </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">MRS and Transnordestina&#8217;s first-quarter results had not yet been announced up to the publication of this release. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 1Q12, net revenue from railway logistics totaled R$248 million, COGS stood at R$175 million and adjusted EBITDA amounted to R$88 million, accompanied by an adjusted EBITDA margin of 35%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="MARGIN: 6pt 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Port logistics</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 1Q12, net revenue from port logistics totaled R$33 million, COGS reached R$20 million and adjusted EBITDA stood at R$9 million, with an adjusted EBITDA margin of 28%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Cement</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Preliminary figures from SNIC (the Cement Industry Association) indicate domestic cement sales of 16.4 million tonnes in 1Q12, 13.3% up on 1Q11. LTM sales through March totaled 65.7 million tonnes, 9.6% more than in the same period in the previous year. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to Dieese (the Inter-Union Department of Statistics and Social Economic Studies), the outlook for the construction sector remains extremely positive in 2012, fueled by the growth in mortgage lending, thanks to the federal government&#8217;s </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Minha Casa, Minha Vida</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> (My Home, My Life) housing program and the large infrastructure works of the Growth Acceleration Program (PAC), for the World Cup and the Olympic Games.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 1Q12, cement sales totaled 466,000 tonnes, net revenue came to R$87 million, COGS amounted to R$65 million and adjusted EBITDA was R$8 million, with an adjusted margin of 9%.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Energy</FONT></B></H3></DIV>

<P style="MARGIN: 6pt 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario </FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Brazilian electricity consumption increased by 3.9% year-on-year in 1Q12, indicating a recovery in industrial production, fueled by the operational start-up of new mineral-based companies, especially in the Midwest region, as well as a substantial contribution from the commercial segment.</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"> </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In comparison with 4Q11, the Brazilian consumption increased by 1.1%</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">, according to EPE (</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Brazilian Electric Power Research Company).</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><B><I><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">
<IMG border=0 src="logo.gif"></FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Given the high level of hydro plant reservoirs and the start-up of new generation projects contracted by the government, the ability of the electricity system to meet demand growth is assured, according to ONS (Brazilian Electric Power System Operator).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 4pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 1Q12, net revenue from energy sales amounted to R$55 million, COGS totaled R$32 million and adjusted EBITDA was R$21 million, accompanied by an adjusted EBITDA margin of 39%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 4pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Capital Market</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 1Q12, CSN&#8217;s shares appreciated by 15%, slightly above the IBOVESPA&#8217;s 14% upturn in the same period. On the NYSE, CSN&#8217;s ADRs moved up by 16%, twice the 8% appreciation posted by the Dow Jones.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Daily traded volume of CSN&#8217;s shares on the BM&amp;FBovespa averaged R$70.4 million in 1Q12, 28% more than in 4Q11. On the NYSE, daily traded volume of CSN&#8217;s ADRs averaged US$55.7 million, 44% higher than in the previous quarter.</FONT></P>

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

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   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#000080 width="100%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>Capital Markets - CSNA3 / SID / IBOVESPA / DOW JONES</FONT></B></TD></TR>

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   <TD bgColor=#000080 width="64%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>4Q11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="18%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">N# of shares</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,457,970,108</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,457,970,108</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD height=31 width="64%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Market Capitalization</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 15px" width="64%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Closing price (R$/share)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">14.98</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">17.22</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 15px" width="64%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Closing price (US$/share)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">8.18</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">9.46</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 15px" width="64%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Market Capitalization (R$ million)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">21,840</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">25,106</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 15px" width="64%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Market Capitalization (US$ million)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">11,926</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">13,792</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="64%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Total return including dividends and interest on equity</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 15px" width="64%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">CSNA3 (%)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">15%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 15px" width="64%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">SID (%)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">3%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">16%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 15px" width="64%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Ibovespa</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">8%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">14%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 15px" width="64%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Dow Jones</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">12%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">8%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="64%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Volume</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 15px" width="64%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Average daily (thousand shares)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">3,683</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">3,958</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 15px" width="64%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Average daily (R$ Thousand)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">55,214</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">70,391</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 15px" width="64%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Average daily (thousand ADRs)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">4,573</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">5,486</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 15px" width="64%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Average daily (US$ Thousand)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">38,626</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">55,710</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="64%" align=left><I><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Source: Econom&#225;tica</FONT></I><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Annual Shareholders&#8217; Meeting held on April 27, 2012 approved the Management&#8217;s proposal for the payment of R$1.2 billion in dividends to shareholders.</FONT></P>

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

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   <TD width="5%" align=center>12</TD></TR></TABLE>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Friday, May 11, 2012</FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">01:00 p.m. &#8211; US EDT</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">02:00 p.m. &#8211; Bras&#237;lia time</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=#000000 face="trebuchet ms,sans-serif"></FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Phone:&nbsp;</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=#000000 face="trebuchet ms,sans-serif"> +1 (412) 317-6776</FONT></P>

   <P style="MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Conference ID: CSN<BR></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Webcast: </FONT></B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"><FONT style="COLOR: #0000ff"><U><FONT style="FONT-SIZE: 9pt">www.csn.com.br/ir</FONT></U></FONT>&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Friday, May 11, 2012</FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">11:00 a.m. &#8211; US EDT</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">12:00 p.m. &#8211; Bras&#237;lia time</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=#000000 face="trebuchet ms,sans-serif"></FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Phone:&nbsp;</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=#000000 face="trebuchet ms,sans-serif"> +55 (11) 3127-4971</FONT></P>

   <P style="MARGIN: 0cm 0cm 3pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Conference ID: CSN<BR></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Webcast: </FONT></B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"><FONT style="COLOR: #0000ff"><U><FONT style="FONT-SIZE: 9pt">www.csn.com.br/ri</FONT></U></FONT>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #d9d9d9; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2pt">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #d9d9d9; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">Companhia Sider&#250;rgica Nacional, located in the State of Rio de Janeiro, Brazil, is a complex that combines steel, mining, infrastructure (logistics and energy) and cement business. With a total annual production capacity of 5.6 million tonnes of crude steel and 2.4 million tonnes of cement, consolidated net revenue of R$16.5 billion in 2011, CSN is also the only tin-plate producer in Brazil and one of the five largest tin-plate producers worldwide. It is also one of the world&#8217;s most profitable steelmakers.</FONT></P></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 10pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">CSN&#8217;s adjusted EBITDA represents net income (loss) before the financial result, income and social contribution taxes, depreciation and amortization, and other revenues and expenses. Adjusted EBITDA should not be regarded as an alternative to net income (loss) as an indicator of the Company&#8217;s operating performance or as an alternative to cash flow as an indicator of liquidity. Although CSN&#8217;s management considers adjusted EBITDA to be a practical means of measuring operating performance and permitting comparisons with other companies, it is not recognized by Brazilian accounting practices (Corporate Law or BR GAAP) or US GAAP and the manner in which it is defined or calculated may vary from company to company.&nbsp;&nbsp;</FONT></P></TD></TR></TABLE></FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 10pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">Net debt as presented is used by CSN to measure the Company&#8217;s financial performance. However, net debt is not recognized as a measurement of financial performance according to the accounting practices adopted in Brazil, nor should it be considered in isolation, or as an alternative to net income or the financial result as an indicator of liquidity.&nbsp; </FONT></P></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 10pt 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">Certain of the statements contained herein are forward-looking statements, which express or imply results, performance or events that are expected in the future. These include future results that may be implied by historical results and the statements under &#8216;Outlook&#8217;. Actual results, performance or events may differ materially from those expressed or implied by the forward-looking statements as a result of several factors, such as the general and economic conditions in Brazil and other countries, interest rate and exchange rate levels, protectionist measures in the U.S., Brazil and other countries, changes in laws and regulations and general competitive factors (on a global, regional or national basis).</FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR><BR clear=all></FONT>

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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">INCOME STATEMENT<BR></FONT></B><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">CONSOLIDATED &#8211; Corporate Law - (In Thousand of R$)</FONT></B></P>

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   <TD bgColor=#333399 width="55%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1Q11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>4Q11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Net Revenues</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">3,789,008</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">4,166,690</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">3,895,739</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Domestic Market</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,444,013</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,453,160</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,381,595</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Foreign Market</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,344,995</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,713,530</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,514,144</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Cost of Goods Sold (COGS)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(2,232,828)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(2,558,424)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(2,752,606)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">COGS, excluding depreciation</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(2,027,399)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(2,316,647)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(2,476,232)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Depreciation allocated to COGS</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(205,429)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(241,777)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(276,374)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Gross Profit</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,556,180</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,608,266</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,143,133</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Gross Margin (%)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">41%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">39%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">29%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Selling Expenses</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(118,244)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(225,909)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(179,005)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">General and Administrative Expenses</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(113,883)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(161,294)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(127,005)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Depreciation allocated to SG&amp;A</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(9,184)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(9,624)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(8,797)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Other operation income (expense), net</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(125,443)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(115,663)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(112,077)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Operational Income before financial results</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,189,426</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,095,776</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">716,249</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Net Financial Results</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(518,436)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(497,203)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(628,161)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Income before social contribution and income taxes</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">670,990</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">598,573</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">88,088</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Income Tax and Social Contribution</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(55,295)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">218,574</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">4,547</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></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=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Net Income</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">615,695</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">817,147</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">92,635</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Attributed to Controlling Shareholders</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">617,519</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">831,843</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">110,694</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Attributed to Non-Controlling Shareholders</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(1,824)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(14,696)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(18,059)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Adjusted EBITDA</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,529,482</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,462,840</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,113,497</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Adjusted EBITDA Margin (%)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">40%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">35%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">29%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">INCOME STATEMENT<BR></FONT></B><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">PARENT COMPANY &#8211; Corporate Law - (In Thousand of R$)</FONT></B></P>

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   <TD bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1Q11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>4Q11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Net Revenues</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,570,165</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,814,071</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,409,456</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Domestic Market</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,225,207</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,317,556</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,187,887</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Foreign Market</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">344,958</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">496,515</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">221,569</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Cost of Goods Sold (COGS)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(1,726,681)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(1,954,800)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(1,887,154)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">COGS, excluding depreciation</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(1,559,478)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(1,752,809)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(1,672,047)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Depreciation allocated to COGS</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(167,203)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(201,991)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(215,107)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Gross Profit</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">843,484</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">859,271</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">522,302</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Gross Margin (%)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">33%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">31%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">22%</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Selling Expenses</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(79,780)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(88,601)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(66,685)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">General and Administrative Expenses</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(72,250)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(93,086)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(75,374)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Depreciation allocated to SG&amp;A</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(2,945)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(3,498)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(3,496)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Other operating income (expense), net</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(138,774)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(54,138)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(67,671)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Equity Interest in subsidiary</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">496,762</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">753,566</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">187,566</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Operational Income before financial results</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,046,497</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,373,514</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">496,642</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Net Financial Results</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(470,929)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(795,284)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(501,229)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Income before social contribution and income taxes</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">575,568</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">578,230</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(4,587)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Income Tax and Social Contribution</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">41,951</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">253,613</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">115,281</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Net Income</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">617,519</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">831,843</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">110,694</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">BALANCE SHEET<BR></FONT></B><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Corporate Law &#8211; (In Thousand of R$)</FONT></B></P>

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   <TD bgColor=#333399 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="26%" colSpan=2 align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt" color=#ffffff>Consolidated</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="26%" colSpan=2 align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt" color=#ffffff>Parent Company</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#333399 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="13%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt" color=#ffffff>03/31/2012</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="13%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt" color=#ffffff>12/31/2011</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="13%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt" color=#ffffff>03/31/2012</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="13%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt" color=#ffffff>12/31/2011</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Current Assets</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">20,854,785</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">21,944,306</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">8,084,172</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">8,886,953</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Cash and Cash Equivalents</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">14,144,014</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">15,417,393</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,102,902</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">2,073,244</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Trade Accounts Receivable</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,786,777</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,558,997</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">2,857,155</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">2,643,926</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Other Trade Accounts Receivable</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">230,682</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">55,652</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">721,126</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">709,626</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Inventory</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">3,648,280</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">3,734,984</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">2,818,046</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">2,885,617</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Recoverable Taxes</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">693,954</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">584,273</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">385,748</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">296,394</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Guarantee margin of financial instruments</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">407,467</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Intercompany Loans</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,826</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,557</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">168,432</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">163,248</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Others</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">349,252</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">183,983</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">30,763</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">114,898</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Non-Current Assets</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">27,091,260</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">24,925,396</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">37,927,837</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">36,695,864</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Long-Term Assets</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">4,720,380</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">4,856,721</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">3,962,050</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">3,852,937</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Investments</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">2,507,176</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">2,088,225</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">23,102,339</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">22,573,890</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">PP&amp;E</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">19,058,400</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">17,377,076</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">10,843,040</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">10,247,845</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Intangible</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">805,304</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">603,374</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">20,408</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">21,192</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></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=#c0c0c0 width="48%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">TOTAL ASSETS</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">47,946,045</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">46,869,702</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">46,012,009</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">45,582,817</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Current Liabilities</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">6,748,664</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">6,496,947</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">7,370,255</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">7,351,509</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Suppliers</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,334,602</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,232,075</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,008,907</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">667,886</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Taxes and Contributions</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">357,125</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">325,132</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">154,458</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">122,648</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Loans and Financing</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">2,626,012</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">2,702,083</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">3,853,733</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">4,330,141</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Dividends Payable</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,044,583</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">928,924</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,046,057</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">927,881</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Others</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,386,342</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,308,733</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,307,100</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,302,953</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Non-Current Liabilities</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">32,575,577</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">31,955,585</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">30,433,242</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">30,245,487</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Loans, Financing and Debentures</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">25,783,562</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">25,186,505</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">19,222,105</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">19,005,495</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Provisions for contingencies, net judicial deposits</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,145,373</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,137,709</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,515,442</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,521,016</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Deferred Income Tax and Social Contribution</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">158,870</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">37,851</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Accounts Payable with Subsidiaries</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">3,094,012</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">3,094,453</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">7,818,669</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">7,821,914</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Others</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">2,393,760</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">2,499,067</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,877,026</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,897,062</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Shareholders' Equity</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">8,621,804</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">8,417,170</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">8,208,512</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">7,985,821</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Capital</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,680,947</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,680,947</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,680,947</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">1,680,947</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Capital Reserve</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">30</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">30</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">30</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">30</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Earnings Reserve</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">7,671,620</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">7,671,620</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">7,671,620</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">7,671,620</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Retained Earnings</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">(7,496)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">(7,496)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Other Comprehensive Income</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">(1,136,589)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">(1,366,776)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">(1,136,589)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">(1,366,776)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="48%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">Non-Controlling Shareholders Interest</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">413,292</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">431,349</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></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=#c0c0c0 width="48%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">47,946,045</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">46,869,702</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">46,012,009</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="13%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">45,582,817</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">CASH FLOW</FONT></B><BR><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">CONSOLIDATED &#8211; Corporate Law &#8211; (In Thousand of R$)</FONT></B></P>

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   <TD bgColor=#333399 width="55%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1Q11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>4Q11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Cash Flow from Operating Activities</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">917,687</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,155,434</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">346,656</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Net income for the period</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">615,695</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">817,147</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">92,635</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Foreign exchange and monetary variations, net</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(38,381)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(131,190)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">29,253</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Provision for financial expenses</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">462,403</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">780,828</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">595,052</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Depreciation, exhaustion and amortization</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">221,519</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">255,337</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">288,389</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Write-off of permanent assets</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">54,727</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">794</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Provisions for Swap</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(15,158)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Result from derivative financial instruments</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">118,175</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">27,087</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Deferred income taxes and social contribution</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(41,375)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(238,482)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(55,096)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Provisions</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">36,238</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(16,892)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">70,731</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Working Capital</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(456,587)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(350,883)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(702,189)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Accounts Receivable</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(123,176)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(188,788)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(126,679)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Inventory</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">187,998</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">260,353</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">167,058</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Receivables from joint subsidiaries</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(90,165)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(38,856)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Suppliers</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(27,658)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">359,635</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(25,359)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Taxes</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">28,793</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(128,245)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">18,395</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Interest Expenses</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(471,050)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(774,309)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(657,918)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Judicial Deposits</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(14,351)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(9,696)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(3,283)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Others</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(37,143)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">220,332</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(35,547)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Cash Flow from Investment Activities</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(1,663,848)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(1,558,095)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(1,352,860)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Derivatives</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(30,845)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">63,367</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(121,707)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Acquisition of Controlled Companies</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(300,545)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Investments</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(809,955)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(303,160)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(60,206)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Fixed Assets/Deferred/Intangible</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(823,048)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(1,318,302)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(885,282)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Cash from acquisition of controlled companies</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">14,880</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Cash Flow from Financing Activities</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,788,049</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(11,594)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(36,229)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Issuances</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">2,129,169</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">428,784</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,655,728</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Amortizations</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(341,120)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(440,375)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(885,006)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Principal payment - acquisition of controlled companies</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(806,937)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 15px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Dividends / Interest on equity</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(3)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(14)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Foreign Exchange Variation on Cash and Cash Equivalents</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(166,119)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">196,484</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(230,946)</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></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=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Free Cash Flow</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">875,769</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(217,771)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">(1,273,379)</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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   <TD width="5%" align=center>17</TD></TR></TABLE>

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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">SALES VOLUME AND NET REVENUE PER UNIT (STEEL)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 5%"><B><U><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">CONSOLIDATED</FONT></U></B></P>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">SALES VOLUME (thousand tonnes)</FONT></B></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1Q11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>4Q11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>DOMESTIC MARKET</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1,034</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1,050</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1,035</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Slabs</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">10</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Hot Rolled</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">460</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">490</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">492</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Cold Rolled</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">208</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">165</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">193</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Galvanized</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">238</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">255</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">250</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Tin Plate</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">118</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">140</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">100</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></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=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>FOREIGN MARKET</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>186</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>146</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>269</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Slabs</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Hot Rolled</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">6</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">4</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">8</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Cold Rolled</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">16</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">10</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">11</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Galvanized</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">129</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">98</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">110</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Tin Plate</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">35</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">34</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">23</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Steel Profiles</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">117</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></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=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>TOTAL MARKET</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1,220</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1,196</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1,304</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Slabs</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">10</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Hot Rolled</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">466</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">494</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">500</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Cold Rolled</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">224</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">175</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">204</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Galvanized</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">367</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">353</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">360</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Tin Plate</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">153</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">174</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">123</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">Steel Profiles</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">117</FONT><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 5%"><B><U><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">PARENT COMPANY</FONT></U></B></P>

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">SALES VOLUME (thousand tonnes)</FONT></B></P>

<DIV align=center>

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0 cellPadding=0>



<TR>

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

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

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

   <TD width="15%"></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=#004990 width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>1Q11</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>4Q11</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>DOMESTIC MARKET</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>1,045</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>1,035</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>1,057</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Slabs</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">10</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Hot Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">458</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">484</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">505</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Cold Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">214</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">165</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">197</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Galvanized</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">242</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">248</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">256</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Tin Plate</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">121</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">138</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">99</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></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=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>FOREIGN MARKET</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>172</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>97</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>27</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Slabs</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">19</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Hot Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">85</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">31</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Cold Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">27</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">30</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Galvanized</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">6</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">2</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">4</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Tin Plate</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">35</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">34</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">23</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></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=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>TOTAL MARKET</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>1,217</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>1,132</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt" color=#ffffff>1,084</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Slabs</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">29</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Hot Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">543</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">515</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">505</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Cold Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">241</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">195</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">197</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Galvanized</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">248</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">250</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">260</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Tin Plate</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">156</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">172</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">122</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">CONSOLIDATED NET REVENUE PER UNIT (R$/ton)</FONT></B></P>

<DIV align=center>

<TABLE style="WIDTH: 90%" border=0 cellSpacing=0 borderColor=#000000 cellPadding=0>



<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=#004990 width="55%" align=left><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1Q11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>4Q11</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">TOTAL MARKET</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,858</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,886</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">1,806</FONT></B><FONT style="FONT-FAMILY: Trebuchet MS; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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

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

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

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   <IMG border=0 src="rodape.gif"></TD>

   <TD width="5%" align=center>18</TD></TR></TABLE></P>

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

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">SIGNATURE </FONT></DIV>

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

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

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;May 11, 2012</FONT></DIV>

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<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0>



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   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD></TR>

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Benjamin Steinbruch </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

<P>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0 align=center>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left>&nbsp;</DIV></TD></TR>

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   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;David Moise Salama </FONT></DIV>

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>David Moise Salama </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Investor Relations Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

<DIV>&nbsp;</DIV>

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

<P>&nbsp;</P>

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

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
